Global energy markets are facing the lengthy shutdown of Libya’s oil exports as international companies retreat under the weight of sanctions and political chaos.
The violence in Libya comes amid escalating concerns about the political turmoil spreading to the oil-rich Persian Gulf region. Crude prices climbed further Monday as forces loyal to PresidentMoammar Gadhafi attacked rebel positions at the Ras Lanouf oil port, and companies such as Morgan Stanley, Exxon Mobil Corp. and ConocoPhillips Co. have halted trading with the country.
As much as two-thirds of Libya’s 1.6-million-barrel-a-day capacity had already been shut down, and analysts said it will be difficult to maintain any export capacity as political and security conditions deteriorate.
For more: CTV News | Oil companies turn off taps in Libya
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