Wednesday, 23 February 2011

UK Energy Minister: No Concern Over European Oil Supplies

The U.K. doesn't see a potential shortage in the supply of oil to Europe due to the political unrest in Libya, but high oil prices on continued turmoil in the Middle East causes "anxiety," the country's energy minister said Tuesday.

Libya's oil production is a small proportion of total global output, and reassurances from  Saudi's oil minister that producing countries will meet any potential  shortage are "very clear," Charles Hendry told Dow Jones Newswires on the sidelines of a meeting here.

"The  reassurance we've had from the minister makes it very clear that he thinks if there was a significant shortage the producers can step in to  get it back up to where they think it needs to be," Hendry he said.

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