Oil price reaches maximum of the past two and a half years

Newsroom 21/02/2011 | 16:18

Protests against Muammar Gaddafi have had a significant impact on oil price. Quotation for Brent oil climbed USD 1.86 to USD 104.38 per, having previously reached for a short period the level of USD 104.6 per barrel, the highest after September 2008.

Libya exports about 1.1 million barrels of oil per day, as the Middle East and North Africa are some of the most important oil-producing regions worldwide.

Libya reported a production of 1.58 million barrels of oil per day in January, according to Reuters. The country was the 12th-largest oil exporter in the world in 2009 and in January 2010 it had total proven reserves of 44 billion barrels, according to the Energy Information Administration, a US agency.

The revolt in Libya follows the social movements in Tunisia and Egypt, which recently overthrew regimes in the two countries. Amid social protests oil group British Petroleum (BP) announced that it has suspended works at wells situated in western Libya, because of social tensions in the region.

 

Dana Verdes

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