The ongoing political turmoil in Libya could cause the eighth largest
supply oil shock since 1950, according to a note by Bank of America Merrill
Lynch. The bank noted that
Libya
is
the 13th largest crude oil exporter in the world and is a "very large
producer of light sweet blends, a quality of crude easily turned into
transportation fuels."
"More worryingly, with other countries like
Algeria, Syria, Yemen or Saudi Arabia scoring highly on social discontent, the
risk of continued tensions in the region remains high," it adds.