|
(Continued from page 3)
for the global crude oil supply in the Middle East. Libya normally produces 1.6 million barrels per day of crude oil--two percent of global oil consumption. At this level, it is the world's 17th-largest crude producer and Africa's third-largest, along with holding the continent's largest crude oil reserves. As U.S. motorists will remember, violence and instability in Libya drove pump prices sharply higher in the spring of 2011. While there is no reason to expect that current instability in the country will be as dramatic as 2011, the markets will continue to closely monitor the situation.
|
|