February 22, 2011 / 6:17 PM / 9 years ago

France to use oil stocks if Libya supply stopped

PARIS, Feb 22 (Reuters) - France, which imports about 15 percent of its crude oil needs from Libya, will quickly have to start using its strategic stocks if supply from the country is stopped, the president of the French oil industry union said.

A growing revolt against Libyan leader Muammar Gaddafi has already prompted some oil companies to stop production in the country and others to bring staff home. [ID:nL3E7DM0K1] “It would be very, very worrying if there were no longer any crude oil imports from Libya,” Jean-Louis Schilansky said.

“We will tap strategic stocks quite quickly,” he said, adding that he was not aware of any disruption so far to physical supplies.

Strategic stocks are set up to cope with serious supply disruptions and are enough to meet France’s needs for about three months. Libya is the third-largest oil producer in Africa after Nigeria and Angola, producing 1.6 million barrels a day.

It is the second-biggest supplier to France after Russia, sending 200,000 barrels a day, according to the French oil industry union. (Reporting by Mathilde Cru; writing by James Regan; editing by Keiron Henderson)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below