Oil production in Libya is set to drop dramatically as leading international companies and subcontractors evacuate their staff.
Crude oil prices shot up to a fresh 2½-year high above $105 a barrel on Monday as traders braced for the impact of political unrest in Libya, the first leading oil exporting country to be hit by turmoil in the Middle East.
Wintershall, a subsidiary of Germany’s BASF, was the only company to confirm it was shutting down production.
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