EU Could Consider Oil Embargo

Reuters has seen a confidential European Union (EU) discussion paper that says an oil embargo is one of the options that could be used to press for a solution to the crisis in Libya.

The paper urges caution, and says a starting point would be to request the UN to look into this possibility.

Another "drastic measure", which should only be considered as a last resort in the event of a full-scale civil war, could be the freezing of the Libyan central bank's overseas assets.

The paper estimated Libyan oil production at 200,000 barrels a day (bpd) now, down from 900,000 bpd in November.

(Source: Reuters)

(Picture: Zueitina)

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