Oil production in Libya is expected to shut down completely

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Oil production in Libya is expected to shut down completely

Post by Strawberry on Thu Feb 24, 2011 5:01 pm

LONDON, Feb 24 (Reuters) - Oil production in Libya is expected to shut down completely and could be lost for a prolonged period of time, Bank of America Merrill Lynch said on Thursday.

'We expect Libyan production to be shut down completely and we might lose sweet crudes from Libya for a prolonged period of time,' Bank of America Merrill Lynch analyst Sabine Schels told Reuters.

Schels said that the world faced the prospect of real supply shock in which the loss of 1.6 million barrels per day of sweet oil could potentially trigger a steep rise in prices and force a sharp reduction in demand to balance the system.

http://www.xe.com/news/2011/02/24/1726449.htm?c=1&t=

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