Even before its outcome is known, Libya’s uprising could leave an indelible mark on the world economy: oil prices have rocketed since Tuesday and could rise even further amid the continuing turmoil that has prompted thousands of foreign oil workers to flee. Libya’s oil output, typically 1.7 million barrels a day, has fallen by more than half since Tuesday, and its energy exports have ground to a complete halt. Worse news still for global oil markets is that there is no knowing when those skilled expatriates whose presence is crucial to the operations of Libya’s energy industry might return. “There is huge uncertainty about what the future of Libya is going to look like,” says Julian Lee, analyst for the Center for Global Energy Studies in London. “Companies have very large, lucrative contracts in Libya, which they don’t want to damage.”
