Saudi Arabia Looking To Increase Oil Production, Help With Libya Loss

Saudi Arabia, the world’s leading oil producer, is taken steps to help soften the blow of Libya’s civil war and dramatic decrease in oil production.

Libya, responsible for about 2% of the world’s oil production, has cut its output by 75% from 1.58 million barrels a day.

The impact of the situation in Libya and cut oil production has the price of oil heading toward $120 barrels a day.

Saudi Arabia has boosted production of oil to have combat this situation to 9.2m-9.3 million b/d (barrels per day), a number that is much higher than most estimates.

via FT