Oil production almost stopped in Libya: IEA

PARIS, March 15, 2011 (AFP) - Oil production has almost ground to a halt in Libya due to the unrest there, the International Energy Agency said Tuesday, warning that there will be a marked economic slowdown if oil prices remain high.

"What is becoming clearer is that the country's oil exports of some 1.3 million barrels per day will remain off the market for a considerable time due to both war inflicted damage" in Libya, the IEA said in its report.

The current high oil prices "entail significant downside risks to this year's outlook," it added.

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