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IEA: Libyan Oil Output Cut By Half

Burning oil waste in the Libyan town of Brega

Burning oil waste in the Libyan town of Brega

The International Energy Agency (IEA) said today that unrest in Libya has reduced the country’s oil output by half.

Libya, the world's 12th-largest oil exporter, normally produces some 1.6 million barrels of oil per day.

The China National Petroleum Corporation said it had halted production in Libya and evacuated its employees from the country. Other foreign firms operating in the country have drastically reduced production there.

Meantime, European Union Energy Commissioner Gunther Oettinger announced today that Muammar Qaddafi's regime no longer controls most of Libya's oil and gas installations.

The Libyan cutbacks have sent shockwaves through world oil markets. Saudi Arabia, the OPEC cartel’s biggest oil producer, said today it was "committed to the stability of the oil market" and to ensuring that oil supplies remain available.

compiled from agency reports