What have you always wondered about the economy? Tell Us

Libyan rebels capture oil ports

Stephen Beard Mar 28, 2011
HTML EMBED:
COPY

Libyan rebels capture oil ports

Stephen Beard Mar 28, 2011
HTML EMBED:
COPY

JEREMY HOBSON: We continue our coverage of the economic effects of the unrest in the Arab World now with a story about Libyan oil. Rebels have regained control of two key oil cities and they claim they have signed a contract to sell the oil.

Marketplace’s Stephen Beard has that story.


STEPHEN BEARD: Backed by the allies’ airpower, the rebel’s ambitions are growing fast. They say they’ve sealed a deal with an energy rich Gulf state. Qatar has apparently agreed to take all the oil the rebels can produce. That is said to be just over 100,000 barrels a day. And could be increased.

Julian Lee is with the Centre for Global Energy Studies. He says this may help the rebels, but it won’t make a big difference to the world oil market.

JULIAN LEE: Getting back to anything like Libya’s capacity production of about 1.6 million barrels a day is probably a long, long way in the future.

He says most foreign oil workers — including the key technical staff required to keep the oil fields running — have fled the country. And they seem unlikely to return for some time to come.

In London, I’m Stephen Beard for Marketplace.

Marketplace is on a mission.

We believe Main Street matters as much as Wall Street, economic news is made relevant and real through human stories, and a touch of humor helps enliven topics you might typically find…well, dull.

Through the signature style that only Marketplace can deliver, we’re on a mission to raise the economic intelligence of the country—but we don’t do it alone. We count on listeners and readers like you to keep this public service free and accessible to all. Will you become a partner in our mission today?

Your donation is critical to the future of public service journalism. Support our work today – for as little as $5 – and help us keep making people smarter.