| Unrest in the Middle East usually means supply-side problems for oil, and the current month-long conflict raging in Libya is no exception. Although Libya is only the 17th-largest oil-producing country in the world, the country remains an important supply hub, as it holds Africa's largest crude reserves.
As a net exporter of oil, Libya sold around 1.3 million barrels per day (bpd) globally last year, and as recently as January, it produced 1.59 million bpd for domestic use and export..............................................Full Article: Source |