Algeria’s former energy minister warned Wednesday the ongoing political and social turmoil in the Arab world will have dramatic implications for energy markets in coming years, The Associated Press reports.
While the outcome of the Arab revolutions is “by no means certain,” it is already evident that “important changes are in progress that are likely to impact energy markets in the long term,” Nordine Ait-Laoussine said.
Ait-Laoussine made the comments as he opened a daylong conference of representatives of oil and gas producing countries, including Iraq and Nigeria, and industry executives to discuss changes in the energy sector.
Unrest in Libya, Tunisia, Egypt and elsewhere in the region has sent shock waves through global oil markets, pushing price of a barrel above $108, the highest price since 2008.
Libya’s entire capacity of 1.6 million barrels a day has been shut down since February.
