Middle East crisis - oil prices to rise

Monday 28th February 2011 (15:45 GMT)

Crisis in the middle east means the rest of the world has a related topic on the table. News channels talked about oil every day last week.

Today, at a meeting of the United Nations Human Rights Council, US Secretary of State Hillary Clinton spoke of possible actions to help protect the people of Lybia.

Gaddafi has ruled Libya for over 40 years. Although his future as leader looks over, the oil industry will take up to a year to fully recover, after stability returns to that country. Lasting peace will need to be observed before oil companies will allow their staff back in.

Libya is currently the 13th largest crude oil exporter. Serious unrest there and across the many other oil producing countries in the area will put pressure on oil markets, likely resulting in world price rises.

More on the above:-

• http://www.bloomberg.com / Hillary Clinton speech.
• http://www.guardian.co.uk / Oil prices to rise.
• http://en.wikipedia.org / Wikipedia.org - Libya
• http://www.oil-companies.co.uk