UN Security Council sanctions Libya

As the Libya turmoil continues, the UN Security Council decided to pose economic and commercial sanctions against Libya and also called for the immediate investigation of the crimes being committed in Libya mainly by Qaddafi and his people.

In the mean time there are reports that due to turmoil in Libya, its oil production had declined:

The IEA claims that total crude production has dropped from 1.6 million barrels per day to 850,000.

This news might have an ongoing adverse effect on crude oil price, mainly on OPEC oil price as the turmoil in Libya will continue.

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