OPEC reviewing oil during Libyan crisis

March 8, 2011 at 9:01 AM
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DOHA, Qatar, March 8 (UPI) -- Several members of OPEC said they were considering raising crude oil output to allay concerns over Libyan production.

Civil war in Libya helped pushed crude oil and gasoline prices to levels not seen since the onset of the global financial meltdown in 2008.

The International Energy Agency estimates that about 60 percent of Libya's crude oil production is sidelined from the global market because of the ongoing unrest.

Saudi Arabia already said it would increase oil production to make up for the Libyan shortfall and industry sources told the Financial Times that other members of the Organization of the Petroleum Exporting Countries could follow suit.

Qatari Oil Minister Mohammed Saleh al-Sada said OPEC members were considering an extraordinary meeting to address the Libya crisis.

Kuwait and the United Arab Emirates said they were prepared to put more crude on the market by April and Nigerian production should increase once some of its facilities go back online next month, the Financial Times adds.

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