Trouble for Libya’s oil industry
As the battle for Libya intensifies, oil production has plummeted dramatically signalling trouble for the industry.
Published On 8 Mar 2011
As the battle for Libya intensifies, oil production in the country has plummeted.
In the rebel-held east it’s down by as much as 90 percent.
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The fighting means companies are reluctant to send ships into Libyan ports – and even if they do, it is not clear who they should pay: the Gaddafi government or the rebels.
Both sides in the fighting say they will not target oil installations – but this has not been enough to protect the industry.
The fighting in Libya has already pushed the oil price to a two and a half year high.
And as unrest spreads across the region, the effects of the uprising in Libya are now being felt beyond it’s borders.
Al Jazeera’s Alan Fisher reports.
Source: Al Jazeera