ROME: Libya's violent upheaval has taken 1.2 million barrels of oil off the global market as energy plants and ports are shut down, according to Italy's Eni, the largest producer in Libya. The figure represents most of Libya's total daily production, which before the crisis was about 1.6 million barrels of crude. The country sits on the biggest proven oil reserves in Africa. More than the shortfall, which experts say could be made up for by increased output in other countries, it was the "sense of general insecurity that can be a trigger that sets off speculation" on prices, CEO Paolo Scaroni told reporters Thursday. Crude prices have jumped 20 percent to two-year highs in just a week, since Libya's uprising against the embattled regime of Muammar Gaddafi escalated and turned violent. Investors worry that other bigger producers, such as Iran or Saudi Arabia, could be engulfed by similar chaos.
