As much as a
quarter of Libyan oil output has been shut down, Reuters calculations
showed on Wednesday, as unrest prompted oil companies to warn of
production cuts in Africa’s third-largest producer. Austria’s OMV said
on Wednesday it might be heading for a full production shutdown in
Libya. Total, Repsol, Eni, and BASF have also said they are either
slowing or stopping output. The latest comments point to a growing
impact on oil output from Libya, which produces 1.6 million barrels per
day(bpd) of high-quality oil, or almost 2 per cent of world output.
About 1.3 million bpd is exported, mainly to Europe.
“We are evaluating
the situation. We cannot say at the moment how production is developing
exactly,” OMV chief executive, Wolfgang Ruttenstorfer, told a news
conference.
