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.