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EU says Europe at no risk of Gaddafi oil ‘blackmail’

EU says Europe at no risk of Gaddafi oil ‘blackmail’
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First Published: Thu, Mar 10 2011. 05 26 PM IST
Updated: Thu, Mar 10 2011. 05 26 PM IST
Berlin: 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 on Thursday.
“In the entire European market ... we get only 2% 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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First Published: Thu, Mar 10 2011. 05 26 PM IST
More Topics: EU | Europe | Gaddafi | Oil | Libya |