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(PRWEB) October 21, 2011
Al Jazeera reported that former Libyan Leader, Colonel Maummar Gaddafi, was killed in a gun battle between rebels and his security as he was attempting to flee the city of Sirte. Gaddafi’s death marked the end of a nearly eight-month revolution in that country. This event has sparked the price of crude oil to drop, according to InvestTechFX.
While prior to the Libyan revolution, crude oil production stood at 1.6 million barrels a day; today, production has been suspended. According to Bloomberg News, the new Libyan Government hopes to return crude oil production to 600,000 barrels a day by the end of 2011. Crude oil accounts for the largest commodity exported by Libya.
In the immediate aftermath of the announcement, crude oil prices steadily dropped to just over $84 USD a barrel. This was a sharp decrease from February 2011, specifically more than 35%, when the price stood at more than $114 USD a barrel due to the political turmoil of the Arab Spring. With the return of the production of Libyan crude oil in the New Year, there will be an expected market decline in the price per barrel.
According to the 2010 European Commission on Energy report, Libya ranked third in crude oil exports to Europe, amounting to more than 400 million barrels that year. Libya’s crude oil market remains vital to world markets due to its proximity to Europe.
InvestTechFX reports the latest political developments in Northern Africa will affect FX trading. The value of the pair can expect to fluctuate until the implications of the former dictator's death are materialized on the ground.
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