FINANCIAL TIMES: Libya, a major oil exporter to Europe, has been embroiled in a civil war that has shut down oil production in many parts of the country. Forces loyal to Libyan leader Moammar Gadhafi used airstrikes in a battle against protestors for control of a key oil installation in the eastern half of the country.
Analysts are concerned that the rebellion will endanger Libya’s oil fields, which produce 1.6 million barrels per day. That’s only about 2% of global demand, but experts say the disruption is putting pressure on world supplies at a time when demand is picking up
A Libyan oil minister said the production in the east had declined 50% during the uprising, though international observers estimated that much more has been put on hold. The International Energy Agency said Wednesday that between 850,000 and 1 million barrels per day were shut in. That’s up from its previous estimate of between 500,000 and 750,000 barrels per day… (more)
