05 Mar '11, 2pm

Gaddafi "still boosted by millions of oil dollars"

LONDON : Libyan leader Muammar Gaddafi's crumbling regime is still being boosted by millions of dollars of crude export revenues despite Western sanctions, the Financial Times reported Saturday. The business newspaper, citing a senior Western oil official and traders, said that payments for oil exports were finding their way back to Libya's central bank, and possibly into Gaddafi's control. In the last week of February, when the violence began, Libya exported about 570,000 barrels per day, and shipped about 400,000 barrels of oil over the past week, according to the FT. The Libyan crude oil shipped over the past fortnight is worth about US$770 million (550 million euros) at current price levels, the paper added. Libya is the fourth largest oil producer in Africa and accounted for around 2.3 percent of global crude oil output before the crisis erupted. The FT added that Lib...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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