On Monday February 28, 2011, 12:39 pmCAIRO (AP) -- Libya's oil chief said Monday that production had been cut by around 50 percent, and argued it was "safe" for foreign oil workers to return after a mass exodus sparked by Moammar Gadhafi's increasingly violent campaign to retain control of the country. ,
The assurances by Shukri Ghanem, the head of the state-run National Oil Co. and Libya's de facto oil minister, came as uncertainty swirled about the state of the OPEC member's production and who was actually in control of the brunt of the nation's oil. Libya sits atop Africa's largest proven reserves.
The country is the only member of the Organization of the Petroleum Exporting Countries so far seriously affected by the protests roiling the Arab world, and unrest there has sent shudders through global oil markets.
SHOOT: Jim Kunstler says that he expects Saudi Arabia to explode in the next 3 weeks. It certainly feels as though a process of 'unravelling' is underway.