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.

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