Saudi Arabia and other OPEC nations including those in West Africa are willing and able to replace any lost Libyan oil, including crude of the same quality, a Saudi Arabian oil official said by telephone today, Bloomberg reported.
Protests against the ruling regime and unrests in Libya are ongoing since Feb. 15. According to international organizations, the number of victims of the riots may reach 500 and the number of injured may hit 4,000. The unrest halted activities at all oil fields and most refineries of the country.
Libya is eighth in terms of crude oil producers among the 12 OPEC countries and third in Africa, after Nigeria and Angola. It occupies less than two percent of global oil production. The main importer of Libyan oil is Italy, followed by Germany, France and Spain