Libya’s oil chief said Monday that production had been cut by about half and argued it was safe for foreign oil workers to return after a mass exodus sparked by Moammar Gadhafi’s increasingly violent campaign to retain control of the country.  More »

Saudi Aramco, the world’s largest state oil company, said it’s to pump more oil of its own to compensate for losses due to unrest in Libya, where more than half of the nation’s crude output of 1.6 million barrels a day has been halted.  More »

Two demonstrators were killed and several wounded in clashes with police in Oman yesterday, hospital and government officials said. The country is the largest Middle East oil producer outside of OPEC.  More »

By Dian L. Chu Crude oil market has been on a wild roller coaster ride ever since riots started escalating in Egypt and Libya. The latest Libyan supply disruptions sent WTI futures surging above $103 a barrel in New York on Thursday, Feb. 24, while Brent oil in Europe was also closing in on $120 a barrel. [...]  More »

The attack north of Baghdad casts doubt on the Iraqi government’s ability to protect its vital infrastructure and could shake already nervous international investors. If not fixed swiftly, the shutdown will likely further fuel anger over a lack of public services that led to violent nationwide protests last week.  More »

Oil prices wavered Friday as refineries in Europe prepared for a sustained loss in high quality Libyan crude. The Libyan rebellion has all but shut down exports from the oil-rich nation, and traders say it’s hard to gauge how much world supplies — and prices — will be affected as similar uprisings unfold in North Africa and the Middle East.  More »

As political unrest swelled throughout the Arab world this week, oil prices pushed past $100 a barrel. Americans support the cry of freedom, Loren Steffy writes, but promoting democracy has long taken a back seat to cheap oil. Several energy experts he spoke with said the jump in prices has more to do with market fear than with actual disruption of oil supplies.  More »

Eight countries in the world’s biggest oil-producing region are in some stage of upheaval. As longtime rulers face revolts, fear of what could happen to oil fields, refineries, pipelines and shipping routes is what has driven oil prices past $100 a barrel for only the second time in history.  More »

Libya holds the most oil reserves in Africa and analysts said that nearly one-fifth of its production appears to be shut down. Saudi Arabia has promised to crank up production to make up for any international supply shortage, but oil markets remain on edge due to revolts in the region.  More »

Apart from the prospect of $220 a barrel … a few reasons why OPEC just couldn’t pump more oil from the Arabian peninsula to make up for Libya going offline. (Via FT Energy Source)  More »

Oil markets seem to have awakened this week to the contagion effect that ongoing Middle East popular turmoil might have on oil producing countries. Announcements that oil companies operating in Libya were evacuating non-critical personnel perhaps brought home the point that Middle East oil production could be at risk. Libya produces over 1.5 million b/d [...]  More »

As the former colonial power, Italy is the biggest investor in Libya and Rome-based Eni is at the forefront of the relationship. Italy’s largest company pumps almost 250,000 barrels a day in the North African country, or about 14 percent of its total production. Eni’s shares extended declines today after falling the most in 19 months yesterday.  More »