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**Pharmaciest** · 08-22-2011, 04:18 AM

Wall Street Journal: http://online.wsj.com/article/SB1000...192923086.html

A rebel victory in Libya would likely put added downward pressure on oil prices, which are already falling amid concerns about the slowing economy, experts say.

But the impact may be limited until Tripoli's new leaders manage to get the crude flowing again after prolonged fighting, which could take months.

Libya is a major oil exporter, and produces a type of crude that is particularly coveted—and has been in limited supply since the popular uprisings that swept the Arab world early this year reached the North African nation, cutting off supplies.
The rebel-controlled Arabian Gulf Oil Co. could restart up to 180,000 barrels a day within a two-week period after security is guaranteed for the facilities, a spokesman for the company said Sunday.

The consultancy Wood Mackenzie estimates it will take around three years for the country to recover its full production capacity. In 2010, the country, which has the largest proven oil reserves in Africa, produced 1.8 million barrels a day of crude and other petroleum products, according to the U.S. government. As recently as 2009, Libya exported 1.5 million barrels a day, ranking it 12th in the world, according to the U.S.

08-22-2011, 04:18 AM	#1
Pharmaciest Join Date Oct 2005 Posts 426 Senior Member	Oil prices fall as Libyan revolution expected to increase oil supplies Wall Street Journal: http://online.wsj.com/article/SB1000...192923086.html A rebel victory in Libya would likely put added downward pressure on oil prices, which are already falling amid concerns about the slowing economy, experts say. But the impact may be limited until Tripoli's new leaders manage to get the crude flowing again after prolonged fighting, which could take months. Libya is a major oil exporter, and produces a type of crude that is particularly coveted—and has been in limited supply since the popular uprisings that swept the Arab world early this year reached the North African nation, cutting off supplies. The rebel-controlled Arabian Gulf Oil Co. could restart up to 180,000 barrels a day within a two-week period after security is guaranteed for the facilities, a spokesman for the company said Sunday. The consultancy Wood Mackenzie estimates it will take around three years for the country to recover its full production capacity. In 2010, the country, which has the largest proven oil reserves in Africa, produced 1.8 million barrels a day of crude and other petroleum products, according to the U.S. government. As recently as 2009, Libya exported 1.5 million barrels a day, ranking it 12th in the world, according to the U.S.
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