Sun Feb 17, 2019 | 13:56
Libya melee pushes oil prices higher
Thu, 10 Mar 2011 06:51:15 GMT
Font size :
Oil prices are on the rise as Libyan forces loyal to embattled ruler Muammar Gaddafi continue to bombard the country's residential areas and oil cities.

Brent crude for April surpassed $116 a barrel after soaring almost three dollars on Wednesday.

Also, US crude rose toward $105 a barrel, not far from a peak near $107 which was reached earlier this week, after Libyan military forces pounded oil industry infrastructure, making Libya's oil output drop to 500,000 barrels a day from its normal production of 1.6 million.

Head of Libya's National Oil Corporation, Shukri Ghanem, has said that the country's oil production has “almost” stopped and exports are badly hammered due to the ongoing unrest in the country, the Associated Press reported on Wednesday.

Libya is an OPEC member and the world's 17th largest oil producer and 85 percent of its production is exported to Europe.

The recent revolutions in the North African states of Egypt, Tunisia and Libya has pushed oil prices high amid fears of further oil supplies disruption in Libya.

Although there is enough oil in storage and spare capacity worldwide to meet short-term needs, oil prices are increasing in global markets over the concerns regarding the spread of the uprisings in North Africa and the Middle East.

Reports indicate that Libya has proven oil reserves of 44 billion barrels, the largest in Africa, and exports most of its crude and gas production to Europe.

Inspired by Egyptian and Tunisian revolutions, Libyan people took to the streets across the country in mid-February, demanding the ouster of embattled Gaddafi.

Reports by human rights groups say over 6,000 Libyans have been killed so far in the government's harsh crackdown on anti-government protesters.

Your Name
Your Comment
Enter the code shown
terms of use

  • last 24 hours
  • last week
  • last month
© 2009 Press TV. All rights reserved.