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In this Feb. 26, 2011 file photo, a Libyan oil worker, works at a refinery inside the Brega oil complex, in Brega, eastern Libya.
In this Feb. 26, 2011 file photo, a Libyan oil worker, works at a refinery inside the Brega oil complex, in Brega, eastern Libya.
(Hussein Malla/AP)

FINANCIAL TIMES

Forget Syria. The oil market should be worried about Libya

Lex is a premium daily commentary service from the Financial Times. It helps readers make better investment decisions by highlighting key emerging risks and opportunities.

As air strikes loom over Syria and turmoil rages across the Middle East, oil is up and stocks are down. That is a predictable and understandable reaction to the uncertainty. The price of a barrel of Brent crude oil is 15 per cent higher over three months, with a sharp rise in the past few days. Investors can pick and choose between the horrors in Syria or the paralysis in Egypt. Yet the country the oil market really ought to worry about is Libya.