Libya crisis will not disrupt oil exports, says Algeria’s oil minister

Unrest in Libya will not disrupt oil exports, Reuters repoted on Wednesday citing Algerian energy minister Youcef Yousfi.

• “We are very concerned about the situation but for the time being, I think there is no physical deficit in the market,” Youcef Yousfi told Reuters.
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•  He added that current prices are “short term” and are not likely to slow global economic growth.
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• “I think it is more psychological effect than physical deficit of oil in the market,” he said. “I don’t think really there is a deficit.”
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• He also said there are no plans for an extraordinary meeting of the OPEC nations at this time. “I do not think the oil price will affect the market stability,” he said.
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• Oil prices reached $12 in two weeks protests in Libya. That raised fears of a possible unrest in top oil producers such as Saudi Arabia.