Trouble for Libya's oil industry

As the battle for Libya intensifies, oil production has plummeted dramatically signalling trouble for the industry.


    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.

    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


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