Qaddafi ups the ante and threatens to explode Libya’s oil reserves

The news from the Middle East is still pouring in, this time it comes from Libya’s Muammar Qaddafi: according to recent reports, Qaddafi threatens to explode Libya’s oil reserves in an attempt to cut Europe’s supply of oil.

Libya, a member in OPEC and holds the largest oil reserves in Africa with 44 billion barrels as of January 2010, is a major exporter of oil mainly to countries in Europe such as Italy, Germany and France.

Furthermore, Qaddafi also continues to vows that unlike Mubarak in Egypt, he doesn’t plan to step down as the violence in the streets of Libya rises.

This recent news, might also affect crude oil price as the uncertainty in Middle East rises, however it’s yet early to determined how reliable are these threats and how will this recent uprise in Libya will end. For one thing, Qaddafi seems determined not to step down and this could only further the bloodshed and the turmoil in Libya.

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