BREAKING NEWS

Oil prices fall as Libya production fears ease

By ASSOCIATED PRESS

FEBRUARY 25, 2011 00:57

NEW YORK — Oil prices dropped Thursday but pared deeper losses in late trading after the International Energy Agency said the rebellion in Libya may have cut oil production less than originally feared.

The International Energy Agency said that the violent uprising in Libya has forced oil companies to idle between 500,000 and 750,000 barrels per day of production, or less than 1 percent of global daily oil consumption. That's roughly half of what Italy's Eni, Libya's largest oil producer, estimated earlier Thursday.

IEA also said it can make up for any lost shipments from Libya by tapping into large surpluses held by member countries, which include the US, the United Kingdom, France and Germany. Altogether, member nations hold 1.6 billion barrels of emergency oil supplies, or enough crude to supply the group for 145 days.

IDF attacks in the Nuseirat area of Gaza - Report

By JERUSALEM POST STAFF

05/04/2024 01:45 AM

Israel informs US about plans to begin evacuating civilians from Rafah

By JERUSALEM POST STAFF

05/03/2024 10:08 PM

Biden, Jordan's King Abdullah to meet next week in Washington

By REUTERS

05/03/2024 09:20 PM

US not seen comprehensive plan on Israel's thinking for Rafah operation

By REUTERS

05/03/2024 09:16 PM