{"id":277420,"date":"2011-02-23T13:11:11","date_gmt":"2011-02-23T13:11:11","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/02\/23\/oil-keeps-climbing-on-libya-fears\/"},"modified":"2011-02-23T13:11:11","modified_gmt":"2011-02-23T13:11:11","slug":"oil-keeps-climbing-on-libya-fears","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/02\/23\/oil-keeps-climbing-on-libya-fears\/","title":{"rendered":"Oil keeps climbing on Libya fears"},"content":{"rendered":"

\n \t\t
\n 23 February 2011<\/span>
\nLast updated at <\/span>08:11 ET<\/span>
\n<\/span><\/p>\n

Oil prices have risen further on worries that supplies could be disrupted if unrest continues in Libya and spreads across the Middle East.<\/p>\n

US light, sweet crude was up $0.49 at $95.91 a barrel, and had hit $96.25 earlier on Wednesday. It has now risen almost $10 since the start of the week. <\/p>\n

Brent crude was $0.77 up at $107.57 a barrel, having hit $107.66 earlier.<\/p>\n

Total has become the third major European oil company to suspend production in Libya. <\/p>\n

Spanish oil firm Repsol and Italy’s ENI suspended operations in the North African country earlier this week. <\/p>\n

Libya is the world’s 12th-largest exporter of oil and the majority of its output goes to Europe. <\/p>\n

High quality<\/span><\/p>\n

Saudi Arabia’s Oil Minister Ali al-Naimi tried to reassure markets on Tuesday that his country’s spare production capacity could help “compensate for any shortage in international supplies”.<\/p>\n

However, oil industry analyst Mehdi Varzi told the BBC World Service that he estimated that the unrest could be affecting “up to a third” of Libya’s total crude oil exports.<\/p>\n

Mr Varzi said it would be difficult to compensate for the loss of these supplies.<\/p>\n

“They are of extremely high quality in terms of crude… and this kind of crude is very difficult to replace, even if the Saudis want to replace it.”<\/p>\n

If Libyan supplies went completely offline then in the short term the price of crude could rise by another $10 or $20 a barrel, Mr Varzi said.<\/p>\n

However if unrest spread further throughout the region then the situation would become much more serious, and develop “a fully fledged international oil price crisis”, he added.<\/p>\n

Major shift?<\/span><\/p>\n

The markets have been gripped by uncertainty this week as investors tried to work out the possible impact of the Libyan violence and continued unrest across the region. <\/p>\n

Continue reading the main story<\/a><\/p>\n

\t<\/p>\n

\t<\/p>\n

“Global investors are now trying to decide if the Middle East crisis means a major shift of geopolitical balance of power in the region,” said Masayuki Kubota of Daiwa SB Investments.<\/p>\n

He added that there could be “more instability and possible further oil price rises”.<\/p>\n

On Tuesday, International Energy Agency chief economist Fatih Birol said oil prices were in the danger zone.<\/p>\n

He said they could rise further if turmoil continued in the Middle East and that may slow the recovery from the global economic crisis.<\/p>\n

“The global economy is more fragile now than it was in 2008,” Mr Barratt said.<\/p>\n

“Growth has been driven by stimulus packages and austerity measures. I don’t see it being able to absorb a rise to $140 like it did two years ago.”<\/p>\n<\/p><\/div>\n<\/p>\n

More:
\nOil keeps climbing on Libya fears<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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