UK Energy Minister: No Concern Over European Oil Supplies
First Published Tuesday, 22nd February 2011 04:28 pm - © 2011 Dow Jones
By Nour Malas
Of Dow Jones NEWSWIRES
RIYADH -(Dow Jones)- The U.K. doesn't see a potential shortage in the supply of oil to Europe due to the political unrest in Libya, but high oil prices on continued turmoil in the Middle East causes "anxiety," the country's energy minister said Tuesday.
Libya's oil production is a small proportion of total global output, and reassurances from Saudi's oil minister that producing countries will meet any potential shortage are "very clear," Charles Hendry told Dow Jones Newswires on the sidelines of a meeting here.
"The reassurance we've had from the minister makes it very clear that he thinks if there was a significant shortage the producers can step in to get it back up to where they think it needs to be," Hendry he said.
He also said high oil prices made economic recovery in countries like the U.K. more difficult, but presented an opportunity to speed up the drive towards a low-carbon economy.
-By Nour Malas, Dow Jones Newswires; +971502890223; firstname.lastname@example.org