23rd August 2011
The Financial Times (paywall) quotes consultants and industry executives who believe the fall of the 41-year-old regime of Muammar Gaddafi could see Libya producing 300,000 barrels a day during the next three months from fields in the east, which have been under rebel control since the start of the civil war, and the remote south-west desert.
"I'm sceptical that Libya will return to its pre-war output until 2013 or well beyond," says Ben Cahill, an expert on Libya at oil consultants PFC Energy in Washington.
The Guardian reports that "as rebel commanders laid claim to 80% of the capital Tripoli – and Muammar Gaddafi's 41-year rule came ever closer to ending – Brent crude fell by as much as $3.47 (£2.10), or 3.2%, to $105.15 a barrel before regaining some ground."
The news has continued to boost markets, the FTSE 100 was last trading at 5,155 up 1.17% on yesterday's close.
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