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22 August 2011
Libyan oil output restart to take a while


Kim Brown (The Voice of Russia)

Global oil markets are already reacting to the news of the ouster of Muammar Gaddafi from Libya. The price of crude oil has already fallen by $2, down to $106 per barrel. Libya has about 2% of the world’s oil reserves, but during these last five months of conflict output has been at zero. Colin Smith, Head of energy Research at VTB Capital, says there is enough turmoil on other markets to suggest that the cause of the drop has to do with Libya. However, the sentiment is certainly likely to be negatively impacted by the thought that Libyan oil export could resume more quickly than it has previously been thought.

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