Libya produces only 2% of the world’s oil, less than spare capacity in Saudi Arabia, but the oil market is focusing on whether the now very possible fall of the Libyan Government could spread to threaten oil supplies elsewhere in North Africa and the Middle East. That risk is very low but still high enough to prompt hoarding by some oil buyers.
Volatile diesel prices will be an immediate consequence of the uncertainty of the outcome of the Arab revolts which are now underway in seven
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