According to the International Energy Agency (IEA), Saudi Arabia has boosted its oil output to compensate for shortages in global crude supply caused by the unrest in Libya. Reports confirm that Saudi officials have met with European refiners to discuss the amount of oil required to fill the shortfall, estimated to be 1.2 million barrels of oil per day. An IEA spokesman released a statement claiming that there's "every indication that increased volumes are now being made available to the market"
If you're interested in hearing how the turmoil in North Africa and the Middle East is connected to the recent spike in gas prices, we hope you've got an hour to spare. That's how long it'll take to listen to today's Diane Rehm Show, which is a great "where are we now" piece on a lot of the factors that connect the demonstrators in Libya with Saudi Arabia, the U.S. gas tax with biofuels and more.