CNNMoney.com Senior Writer
NEW YORK (CNNMoney) - Oil production in Libya is shutting down as companies operating there begin to close facilities due to the ongoing violence.
Oil prices surged Wednesday, passing $100 a barrel, after a report in the Financial Times said half of Libya's production has been suspended. The report cited unnamed industry executives.
Italian oil giant Eni, the largest foreign oil company in Libya, and Spain's Repsol said they had suspended some of their production operations in the North African country.
An Eni spokesman declined to specify how much of its production has been shut in, saying that disclosing that information could jeopardize the remaining output.
"Certain oil and gas activities in the country have been temporarily suspended in a precautionary way," said the statement, released Tuesday. "Security measures on those facilities have been undertaken."
Eni (E) produces about 250,000 barrels a day from Libya, which has a total oil output of 1.6 million barrels per day. Worldwide oil consumption is pegged at 87.5 million barrels per day.
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