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Middle East crisis - Saudi Arabia calms oil markets
Tuesday 1st March 2011 (10:37 GMT)
Almost all Libyan oil exploration has stopped. Production of existing fields currently lying at about half normal output, as Libya struggles to keep up its exports of oil. Gaddafi has lost control of the oil fields during the current Civil war.
Saudi Arabia has stepped in with increased exports to about the same as Libya has fallen short. This has to a degree, settled oil markets around the world. This is especially prevalent in Europe - Libya's largest export market.
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