IEA Says Saudis Boosted Oil Shipments After Libyan Shut-Ins
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The International Energy Agency said today that increased oil supplies from Saudi Arabia are heading for the Mediterranean Sea after the conflict in Libya shut in more than half of the country’s production.
Violent clashes between opponents of Libyan leader Muammar Qaddafi and forces loyal to him have reduced the nation’s oil output by at least 850,000 barrels a day from 1.6 million before the conflict, according to a statement on the website of the Paris-based agency.