World oil price surged to its highest since August 2008 on February 24 on concern that unrest in Libya could spread to other major oil producers in the Middle East, including Saudi Arabia .
By 8 GMT, Brent crude oil for April spiked up almost 7 USD a barrel to a peak of 119.79 USD, while US crude futures for April rose as high as 103.41 USD, the highest since September 2009, Reuters reported.
Libya , the world's 12 th biggest exporter and a member of the Organisation of the Petroleum Exporting Countries (OPEC), has cut at least 400,000 barrels per day (bpd) from its 1.6 million bpd output.
The cuts in Libyan oil output represent the first disruption to supply as a direct result of protests that have swept through the oil-producing regions of North Africa and the Middle East .
The concern for oil markets is how unrest might affect Saudi Arabia , which has a 4 million bpd output and supplies around 10 percent of the world's oil market./.
By 8 GMT, Brent crude oil for April spiked up almost 7 USD a barrel to a peak of 119.79 USD, while US crude futures for April rose as high as 103.41 USD, the highest since September 2009, Reuters reported.
Libya , the world's 12 th biggest exporter and a member of the Organisation of the Petroleum Exporting Countries (OPEC), has cut at least 400,000 barrels per day (bpd) from its 1.6 million bpd output.
The cuts in Libyan oil output represent the first disruption to supply as a direct result of protests that have swept through the oil-producing regions of North Africa and the Middle East .
The concern for oil markets is how unrest might affect Saudi Arabia , which has a 4 million bpd output and supplies around 10 percent of the world's oil market./.
