GO
Loading...

Enter multiple symbols separated by commas

IEA Says Libyan Oil Exports Halted

The International Energy Agency says Libyan oil exports have "ground to a halt" because of the fighting between rebels and forces loyal to Libyan leader Moammar Gadhafi.

The Paris-based group said Tuesday in its latest oil market report that production from the North African nation appeared to have "slowed to a trickle" as the fighting and mounting unrest prompted an exodus of foreign oil workers and led international companies to halt their operations.

Analysts have said they believe that oil production and exports from the OPEC member are sharply down because of the unrest.

The violence had driven oil prices as high as almost $107 per barrel last week before they cooled quickly following the massive earthquake in Japan.

Contact Europe News

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.

Europe Video

  • Mobile app success boosts Dominos

    David Wild, CEO of Domino's Pizza Group PLC, talks about getting involved in mobile tech, greater transparency on nutrition and expanding in Europe.

  • Will Russia hold rates on Friday?

    Joseph Dayan, head of markets at BCS Financial Group, explains why he thinks Russia's central bank will "pause and wait" when it comes to cutting interest rates.

  • Yellen has been 'crystal clear' on hikes

    Bob Parker, senior advisor of investment strategy & research at Credit Suisse, lays out expectations on how the U.S. Federal Reserve will hike rates over the next 18 months.