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Oil off Libyan sanctions agenda

March 1, 2011 at 8:50 AM
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WASHINGTON, March 1 (UPI) -- There was no "active" discussion on including oil in the list of sanctions imposed in Libya for ongoing unrest, the U.S. envoy to the United Nations said.

Members of the U.N. Security Council voted to refer Libyan leader Moammar Gadhafi to the International Criminal Court and banned international travel for top Libyan officials. The measure includes a freeze on assets held by the Gadhafi family.

The United States and Switzerland have moved to block Gadhafi accounts held in their banks.

U.S. Ambassador to the United Nations Susan Rice said the Security Council considered targeted sanctions on the Gadhafi regime to isolate those responsible for the atrocities committed in Libya.

"We have not had active discussions in New York on oil," she said.

Oil started flowing this week from rebel-held territory in Libya after disruptions last week helped push the price of oil and gasoline to post-recession highs.

The International Energy Agency said around 1 percent of the world's oil was shut out of the market because of the unrest in Libya. Most of the international oil companies working there have evacuated all of their non-essential staff. Saudi Arabia and other top oil and gas producers said they would help make up for any shortfalls in the energy market.

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