| From Independent: Economic Life: Opec has promised to increase production to offset any reduction in output from Libya. Yet the oil price has risen by more than $20 a barrel. It gets worse. At some stage – and let us all hope soon – Libya will be back to some sort of calm and a new regime installed.
Meanwhile the world has to cope with the reality that a civil war in a middling-sized oil producer – it pumps a little more than the UK – has had an immediate and potentially devastating impact on the oil price and potentially on the world economy. What is happening is primarily a human story and a deeply distressing one. But it is also an economic story, so some words about that...............................................Full Article: Source
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