Azerbaijan, Baku, Feb. 23 / Trend /
Oil prices may surge to $220 a barrel if production was halted in Libya and Algeria because of spreading unrest in the region, Bloomberg reported according to Nomura Holdings Inc.
"If Libya and Algeria were to halt oil production together, prices could peak above $220 a barrel and OPEC spare capacity will be reduced to 2.1 million barrels a day, similar to levels seen during the Gulf war and when prices hit $147 in 2008," the Tokyo-based bank said in a note today.