Middle-east Arab News Opinion | Asharq Al-awsat

Saudi Arabia making up for Libya's crude shortfall - ASHARQ AL-AWSAT English Archive
Select Page

CAIRO, (AP) – The chief executive of Saudi Arabia’s state-run oil giant says it has stepped in to compensate for an export shortfall stemming from the unrest in Libya.

Saudi Aramco’s Khalid Al Falih declined on Monday to specify how much additional oil Saudi Arabia — the de facto leader of the Organization of the Petroleum Exporting Countries — has pumped into the market.

Libya produces about 1.6 million barrels per day, and exports much of that crude to Europe. But the fighting that has gripped the nation as Muammar Gaddafi struggles to hold onto power has resulted in an at least 50 percent drop in production.

Saudi Arabia and other OPEC members have said they are ready to step in to compensate for any Libyan export losses.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

More Posts

Follow Me:
FacebookGoogle PlusYouTube