Libya's effect on oil markets

AP News
Posted: Mar 28, 2011 3:50 PM
Libya's effect on oil markets

Libya holds the most oil reserves in Africa, with an estimated 46.4 billion barrels of crude underfoot. The government relies heavily on that oil to run the country's business with 95 percent of its export earnings coming from the petroleum industry.

Here are some additional details about Libya's oil industry, prior to the uprising that has all but shut down petroleum operations:

_Daily production: 1.6 million barrels;

_Daily exports: 1.5 million barrels;

_Major trade partners (percent of Libya's oil imported): Italy (28 percent); France (15 percent); China (11 percent); Germany (10 percent); Spain (10 percent); Greece (5 percent); United Kingdom (4 percent); United States (3 percent).

_Major companies with operations in Libya: Eni, Total, Repsol YPF, StatoilHydro, Occidental Petroleum Corp., OMV, ConocoPhillips, Hess Corp., Marathon Oil Corp., Royal Dutch Shell, BP, Exxon Mobil Corp.

(Source: Energy Information Administration)