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. Read more:
http://www.foxbusiness.com/markets/2011/02/22/uk-energy-minister-concern-european-oil-supplies/#ixzz1ElyszY5S
http://www.foxbusiness.com/markets/2011/02/22/uk-energy-minister-concern-european-oil-supplies/#ixzz1ElyszY5S
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