Heinberg quoted at Anadolu Agency on Libyan oil
May 20, 2014
Post Carbon Senior Fellow Richard Heinberg was quoted in this article on Libyan oil outages.
From the article:
California-based Post Carbon Institute expert Richard Heinberg also agreed that the political situation in Libya appeared to be worsening.
While the situation has not yet seriously affected world oil prices, it was putting put pressure on a fragile system, he said.
While pointing out that OPEC is widely believed to have spare production capacity – almost entirely in Saudi Arabia – he claimed the Saudis had not responded quickly to other recent supply crises.
Therefore, he said, if the Libya production halt persisted, it would seem highly likely that it would result in at least a small an increase in prices – perhaps in the range of US$5 in the already historically high global oil price.