Page 16 - Hit Libya News Today : Breaking News, Live Updates & Top Stories | Vimarsana

>> oil traders are keeping an eye on the anti-government protests in algeria. they're the fourth largest producer right after libya, also a sizable player in the natural gas arena, the world's sixth biggest producer. but the stakes are higher east in iran. the supply is just over 4% of global command. it has the third largest proven oil reserve and the second largest gas reserves. up next, a high-profile commercial casualty, bahrain's formula one. we take a look at how protests are impacting the island state's business environment.

Other countries include royal dutch shell, eni, bp, and wintershall. and norway's statoil have closed in the country. it has one of the highest per capita gdps in africa. it's believed that number could go as high as 50% among the states. earlier in the week, one of gadhafi's son took the air waves and warned of the dire consequences of social upheaval. >> translator: so we will have civil war. we will lose all the infrastructure. we will have no food. and in addition, you now have companies in libya who are executing projects worth $200 billion. they will all leave. >> libya has attracted nea...

Gadhafi or what will happen there. and what the new -- if there's a new regime, what the new regime looks like. but, you know, the oil companies are so heavily invested that they will try to come to accommodations with whoever is in power to be able to produce the oil and the gas that we, especially in southern europe need. >> beyond oil, libya was just opening up to power generation tourism development. do you think foreign investors are going to look at the scenario with tribal warfare literally from east to west and say, look, despite the opportunity, i'm going to stay away for the next fiv...

Going on in the oil markets. and they've been pretty skittish as events in libya continue to unfold. brent oil currently up $2 a barrel, trading at around $112 as you see there, but that's actually down from $119 a barrel yesterday. and that's easing from the peak that's been helping stock markets around the world. nymex crude down from its thursday high, as well, trading at just under $98 a barrel. it did get to $103 at one point. earlier, pimco told piers morgan that the oil price volatility will probably continue in the coming weeks. >> we've seen alarming spikes in oil prices, gas prices i...

As the wave of protests across the arab world hit libya. oil prices reached a 2 1/2 year high charting territory not seen since the financial crisis in 2008. in an effort to calm the markets, saudi arabia's oil minister says that the country would boost production along with other opec states, but only if there was a supply shortage. also confirmed that saudi arabia has 4 million barrels a day of spare capacity. but not only the market's on edge, the oil giants on the ground are weighing their next moves. >> we are monitoring the situation in libya very carefully about where our employees are,...