Middle East Economic Survey

VOL. LIV

No 9

28-Feb-2011

Riyadh Poised To Quell Oil Price Surge Fuelled By Libya Unrest

Both Saudi Arabia and Iran were, as MEES went to press, in talks with European customers over increasing oil supplies to cover shortfalls in the wake of major disruptions to Libyan output, which saw Brent briefly surge close to $120/B on 24 February. The price spike comes amid widespread violence throughout Libya that threatens to overthrow the 41-year regime of Colonel Mu'ammar...