• 5 hours India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 10 hours Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 14 hours Russia, Saudis Team Up To Boost Fracking Tech
  • 20 hours Conflicting News Spurs Doubt On Aramco IPO
  • 21 hours Exxon Starts Production At New Refinery In Texas
  • 22 hours Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 2 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 2 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 2 days China To Take 5% Of Rosneft’s Output In New Deal
  • 2 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 2 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 2 days VW Fails To Secure Critical Commodity For EVs
  • 2 days Enbridge Pipeline Expansion Finally Approved
  • 2 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 2 days OPEC Oil Deal Compliance Falls To 86%
  • 3 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 3 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 3 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 3 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 3 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 3 days Aramco Says No Plans To Shelve IPO
  • 5 days Trump Passes Iran Nuclear Deal Back to Congress
  • 6 days Texas Shutters More Coal-Fired Plants
  • 6 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 6 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 6 days Chevron Quits Australian Deepwater Oil Exploration
  • 6 days Europe Braces For End Of Iran Nuclear Deal
  • 6 days Renewable Energy Startup Powering Native American Protest Camp
  • 7 days Husky Energy Set To Restart Pipeline
  • 7 days Russia, Morocco Sign String Of Energy And Military Deals
  • 7 days Norway Looks To Cut Some Of Its Generous Tax Breaks For EVs
  • 7 days China Set To Continue Crude Oil Buying Spree, IEA Says
  • 7 days India Needs Help To Boost Oil Production
  • 7 days Shell Buys One Of Europe’s Largest EV Charging Networks
  • 7 days Oil Throwback: BP Is Bringing Back The Amoco Brand
  • 7 days Libyan Oil Output Covers 25% Of 2017 Budget Needs
  • 7 days District Judge Rules Dakota Access Can Continue Operating
  • 8 days Surprise Oil Inventory Build Shocks Markets
  • 8 days France’s Biggest Listed Bank To Stop Funding Shale, Oil Sands Projects
  • 8 days Syria’s Kurds Aim To Control Oil-Rich Areas
Alt Text

Busting The Lithium Bubble Myth

Lithium demand continues to grow…

Alt Text

World’s Biggest Miner Prepares For The EV Boom

The world’s top mining company…

Libyan Unrest Causes Commodity Prices to Skyrocket

Libyan Unrest Causes Commodity Prices to Skyrocket

As political turmoil and violent social unrest continue to plague Libya, a massive economic mushroom cloud has emerged in the form of unprecedented upward price momentum across the broad spectrum of commodities.

Reaching levels not seen since the 2008 energy crisis, the price of crude oil has exploded as concerns mount over the security of Libya's 1.2 million barrels a day of oil exports.

Inflaming the situation further was a state television broadcast in Libya Sunday evening that portrayed Saif al-Islam Gaddafi vehemently warning protesters that they are tempting civil war, a potentially bloody conflagration that threatens Libya's oil wealth. This threat particularly struck nerves in Libya as the unemployment rate in the Arab nation already stands at an estimated - and staggering - 20%.

The death toll in Libya surpassed 200 last weekend as bloodshed continued to follow an uprising that saw an angry mob of protesters clash with Libyan security forces in the streets, a clear indication that dictator Moammar Gadhafi's 42-year reign of autocratic authority may soon end.

"Libya is a significant producer and exporter of good quality crude oil and threats by the tribal leader to stop production is worrisome," Christophe Barret, an oil analyst at Credit Agricole Corporate and Investment Bank, tells Reuters.

Brent crude - a global benchmark for petroleum prices - spiked 3.1% to $105.70 a barrel in London on Monday, the highest price recorded in well over two years.

According to a report Monday evening in the Washington Post, officials from around the world - including Saudi Arabia and the United States - are meeting in Riyadh, Saudi Arabia to discuss curbing runaway crude oil prices.

As fear entered the markets to a rarely observed extent, spot gold climbed to $1,400.40 an ounce Monday while silver touched a 31-year high and palladium similarly capped 10-year record highs.

By. Tom Grisafi of Indiana Grain Company 




Back to homepage


Leave a comment
  • Anonymous on February 24 2011 said:
    What is happening in Libya gives an insight into the power of oil. The fear associated with the loss of only 1.2 mb/d of oil has moved the oil price up by almost 15 dollars a barrel in 9 days. Not bad!

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News