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Europe Daily Bulletin No. 10325
Contents Publication in full By article 14 / 37
GENERAL NEWS / (eu) eu/energy

Crisis in Libya: Oettinger optimistic for oil situation

Brussels, 28/02/2011 (Agence Europe) - With the Gaddafi regime no longer controlling Libya's main oil and gas fields, which are now in the hands of the opposition, “under the control of tribes and provisional forces which have taken power”, the EU “has decided not to impose a blockade so as not to penalise people who would not otherwise be targeted by sanctions”, Energy Commissioner Günther Oettinger told press on the sidelines of the Energy Council in Brussels on Monday 28 February. He was unperturbed by the impact of the Libyan crisis on the oil situation in the EU. In Libya, “production was stopped, but work is expected to resume. Gas and oil exports from Libya are not negligible, but neither are they enormous. The gas represents less than 3% of the total volume of the EU market and the oil less than 10%”, Oettinger stated, giving assurances that the EU “has significant oil reserves” and that the OPEC countries and Russia have indicated that they would be prepared to meet any shortfalls by increasing their production and supply. Libya, a member of OPEC, under normal circumstances produces 1.69 million barrels per day and exports 1.49 million, with 85% of that going to the EU, where Italy is its main customer. (E.H./transl.rt)

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