Libya's Oil Production Falls Off A Cliff?

Oilimporters

Alexis passes along the news:

The Financial Times is reporting that half or more of Libya's oil production has been shut down due to the unrest in the country. That's one reason the price of a barrel of Brent crude broke $110, a two-and-a-half year peak.

In recent times, Libya has exported the vast majority of the 1.6 million barrels of oil a day it produces, according to an International Energy Agency report. ... To give you some perspective, U.S. oil consumption is over 20,000,000 barrels a day. Given Libya's relatively small contribution to the global oil supply, the turmoil in the energy and stock markets resulting from Libyan unrest lets you know how little slack there is in the oil market.

Chart via another Alexis post.

2006-2011 archives for The Daily Dish, featuring Andrew Sullivan

Join the Discussion

After you comment, click Post. If you’re not already logged in you will be asked to log in or register with Disqus.

Please note that The Atlantic's account system is separate from our commenting system. To log in or register with The Atlantic, use the Sign In button at the top of every page.

blog comments powered by Disqus

Video

How a Psychedelic Masterpiece Is Made

A short documentary about Bruce Riley, an artist who paints abstract wonders with poured resin

Videos

Why Is Google Making Skin?

Hidden away on Google’s campus, doctors are changing the way people think about health.

Video

How to Build a Tornado

A Canadian inventor believes his tornado machine could solve the world's energy crisis.

Video

A New York City Minute, Frozen in Time

This short film takes you on a whirling tour of the Big Apple

Video

What Happened to the Milky Way?

Light pollution has taken away our ability to see the stars. Can we save the night sky?

Just In