Oil
The world reacts to Libya's violence : oil prices at two-year highs and climbing. Brent Crude $107 a barrel this morning. Who benefits, I wonder? Libya produces 1.7 million barrels of oil per day, exporting 1.2 million barrels or 17th globally, according to the U.S. Energy Information Administration. The UK makes 1.3 million barrels daily and exports 775,000 (After the Gulf, there is pressure to suspend deep water extraction from the North Sea, pictured). Britain ranks 20th. Number One is Russia at 9.5 million barrels daily. While Russia the top producer of oil, they are ranked #2 by exports after Saudi Arabia. Russia exports 5.4 million barrels per day while SA seven million. According to secret reports released by Wikileaks, Saudi Arabia may have exaggerated its crude oil reserves by 40% - if true, Saudi might not be able to control prices which has often been the country's role with the assumed largest oil caches.
