Thursday, March 10, 2011
EU: Europe at no risk of Gaddafi oil 'blackmail'
The European Union is in no danger of an oil shortage caused by the fighting in Libya and cannot be blackmailed by leader Muammar Gaddafi, European Energy Commissioner Guenther Oettinger said.
"In the entire European market ... we get only two percent of our oil from Libya, so we are not vulnerable to blackmail from Gaddafi," he told Deutschlandfunk radio.
"We have considerable resources - many months ago we started stocking oil in Europe, and the market is flexible. He depends on us, not us on him."
Saudi Arabia, the world's top oil exporter and the OPEC kingpin, said late in February that it would fill in any supply shortage caused by the unrest in Libya, where Gaddafi is trying to put down a rebellion.
"In the entire European market ... we get only two percent of our oil from Libya, so we are not vulnerable to blackmail from Gaddafi," he told Deutschlandfunk radio.
"We have considerable resources - many months ago we started stocking oil in Europe, and the market is flexible. He depends on us, not us on him."
Saudi Arabia, the world's top oil exporter and the OPEC kingpin, said late in February that it would fill in any supply shortage caused by the unrest in Libya, where Gaddafi is trying to put down a rebellion.
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