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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/02/saudis-cover-libyan-oil-shortage.jpg"><img class="alignnone size-full" title="Saudi Arabia has stepped in to cover oil shortages stemming from the unrest in Libya" src="http://londonglossy.com/wp-content/uploads/2011/02/min-saudis-cover-libyan-oil-shortage.jpg" alt="Saudi Arabia has stepped in to cover oil shortages stemming from the unrest in Libya"/></a></p>
<p>Saudi Arabia has stepped in to cover oil shortages stemming from the unrest in Libya.</p>
<p>But the chief executive of state-owned Saudi Aramco, Khalid Al Falih, refused to say how much additional oil it has pumped into the market.</p>
<p>Libya produces about 1.6 million barrels per day and exports much of that to Europe. But the fighting has resulted in a 50% drop in production.</p>
<p>Saudi Arabia and other OPEC members have previously said they were ready to step in to compensate for any Libyan export losses.</p>
<p>Oil prices jumped above 99 dollars a barrel on Monday in Asia as Libya&#8217;s problems, along with protests in Oman, raised fears political upheaval could impact other crude exporters.</p>
<p>No one knows whether Muammar Gaddafi or the rebels trying to overthrown him will end up controlling Africa&#8217;s biggest oil reserves.</p>
<p>There are fears Libya could turn into a fractured nation with competing armed groups ruling over rich and remote desert fields lying hundreds of miles apart from each other.</p>
<p>The chaos in Libya as it descends into virtual civil war has sent international oil prices soaring despite the pledge from Saudi Arabia, the world&#8217;s largest oil exporter.</p>
<p>And that volatility is likely to continue, because it could take weeks or even months for Libyan production and exports to return to normal levels, experts said.</p>
<p>Hardest hit by the sudden oil shortage are European refiners that receive 85% of Libya&#8217;s exports, turning the country&#8217;s crude into diesel and jet fuel.</p>
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