The importance of conflict in Libya for development of world oil prices

Conflict in Libya was the most serious of a series of uprising at the beginning of the year 2011 in the Middle East and North Africa. Following the current situation of world production and consumption of oil, the work focuses on the reaction of oil markets to the conflict and estimates the future development of the oil industry. The aim is to analyze how much the Libyan Civil War influences the development of oil prices on world markets. The second main point of this work is to determine to what extent the current situation in the country could damage the Libyan economy. Much of the information comes from documents and statistics of the U. S. Energy Information Administration, the International Energy Agency and the Organization of Petroleum Exporting Countries