Libya produces 2% of the world’s oil. This amounts to 1 million barrels/day lost from Libya at the moment. It is one of the top 10 oil-producing nation.
OPEC nations have 2 million barrels/day spare capacity at present.
Crude prices are at their highest since September 2008.
Saudi Arabia and Algeria are the ones to watch.
When crude oil went to $140/barrel at its previous high petrol went to $1.75 at the pump here.