Saudi Arabia has the capacity and willingness to prevent a surge in oil prices amid unrest in Libya, according to French Finance Minister Christine Lagarde.
“The big producers have said they won’t let the market deteriorate,” Lagarde said today on a visit to a gas station in Paris. “Saudi Arabia has said very clearly they have spare production capacity that would make up for even a total halt in output from Libya.”
Gasoline prices are setting records across Europe as the rise in crude prices caused by the conflict in Libya punishes companies and consumers. Brent oil for April delivery rose as much as 1.2 percent today to $114.39 a barrel on London’s ICE Futures Europe exchange.
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