Tag: Oil supply

Kiran Stacey

Protests in LibyaAs protests move from the east of Libya towards its capital Tripoli, triggering the decision by BP to suspend some of its operations in the country, markets are nervously watching the oil price.

According to David Fyfe, the International Energy Agency’s head of oil industry and markets division, around 50,000 barrels per day of crude production have been shut in because of the anti-Gaddafi protests and the regime’s response to them.

Brent Crude chartSo concerned is the IEA that Fyfe felt the need to remind delegates at International Petroleum week, which started in London today, that his organisation was sitting on 1.6bn barrels of publicly-held crude stocks, which it could tap if supplies were seriously interrupted.

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