The Libyan dictator seems to be dug in for one last stand against the opposition. Despite sending in the army, southern African and Italian mercenaries, and even the air force, Gaddaffi appears to have lost control over much of the North African nation, which he has ruled since 1969. Libya accounts for 2% of the world's oil output, but the oil price has climbed by far more than that since the working class-led uprising began. An article in yesterday's Financial Times partly explained this discrepancy: "The reservoirs beneath its desert landscape yield crudes that are easily refined into diesel and petrol and also low in sulphur, making them cleaner to burn. Opec, of which Libya is a member, has adequate spare supplies to replace the country's lost production -- but the quality is mostly inferior." But the potential threat of the rebellious 'contagion' spreading to Saudi Arabia is arguably more significant. "No one knows where this ends", a director at Barclays Capital, told the New York Times. "A couple of weeks ago it was Tunisia and Egypt, and it was thought this can be contained to North Africa and the resource-poor Middle East countries. But now with protests in Bahrain, that's the heart of the gulf, and it's adding to anxieties." Not coincidentally, Saudi King Abdullah returned to his country yesterday, following three months in the United States and Morocco, where the eighty-seven year old has been undergoing urgent medical treatment. Upon arrival, he announced a ...
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