Oil Price Increased Due to Riots in Libya

This Monday in London, the oil cost increased to USD 105 per barrel. This price grew due to the violent riots in Libya. The number was registered in the InterContinental Exchange (ICE) of London; the price was not seen since September 25 of 2008.

In Libya, the current death toll reached the 230 casualties according to the report of the Human Rights Watch. Meanwhile Muammar al Gaddafi stated that the country is on the verge of a civil war. Foreign companies in Libya, such as Statoil among others are preparing the evacuation of their staff.

Analysts explained that the violence in the country was the fuel that increased the oil cost. If the violence continues tribal leaders threatened to suspend the exportations.

Libya is a member of the Organization of Petroleum Exporting Countries (OPEP), which is the fourth producer of oil in Africa with sales that reach the 1,8 millions of daily barrel, and has a reserve of 42 thousand million barrels.

Source: AFP