Libya’s oil output has plunged by at least a fifth as foreign companies have shut down production, running the risk of turning the political crisis in the Middle East into an oil crisis.
Oil prices surged on Tuesday after Eni of Italy and Repsol YPF of Spain, the largest oil producers in Libya, said they were shutting down output. Traders said two of the four oil ports in the country were also closed, and refineries have also been affected.
In a sign of the deepening crisis, Ali Naimi, Saudi oil minister, said the Opec oil cartel stood ready to boost production to offset any loss from Libya. However, Mr Naimi reiterated that for the time being the oil market was well supplied.
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