Libya conflict hits the economy in the Pacific zone with the Black gold

As violence continues to escalate in Lybia, the federal government is drawing up plans to evacuate Australians as Libyan representatives sever ties with Gaddafi’s regime. Prime Minister Julia Gillard said the estimated 105 Australians believed to be in the North African country should get out, even the UK had offered to help evacuate Australians if necessary. “Australians are advised to avoid all travel to Libya because of the volatile and uncertain security situation,” DFAT said.

Australia is preparing for the potential defection of key diplomats from the Libyan embassy after a senior official walked away from the Gaddafi regime, declaring he now represented “the Libyan people”.

Libya’s cultural counselor signaled the nation might be on the verge of its first diplomatic defection in almost six years.


Oil prices soared above $93 a barrel in Asia as Libyan leader Moammar Gadhafi’s grip on power in the OPEC nation weakened amid violent protests calling for his resignation. Benchmark crude for March delivery was up $7.34 at $93.54 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange.

Analysts are also worried the jump in energy costs could hurt consumer spending and stymie a fragile recovery in developed countries. The crisis in the Middle East and North Africa – which has brought down governments in Tunisia and Egypt and sparked protests in Yemen, Bahrain, Iran, Morocco and Jordan – has added about $10 to the price of crude, according to Capita Economics.

Petrol prices hit their highest level in more than two years last week, with the cost of 91 octane petrol rising 3c to $2.02, and 95 octane reaching $2.11 per litre. Based on current trends motorists could be paying $2.20c per litre by the end of the year, Stockdale said.

Meanwhile the impact on New Zealand exports to Libya was unclear today. Figures show $51m worth of products, including $49.7

The Ministerial Conference on Korea-Africa Economic Cooperation organized by the Korean Ministry of Finance, the African Development Bank (ADB) and the Export-Import Bank (Eximbank) of Korea, was opened on Tuesday in the Korean Capital. The conference was packaged to enable participants exchange views on how to further develop relations and economic cooperation between Africa and Korea.


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