IEA concerned over instability in Iraq, Libya

Director of the International Energy Agency Fatih Birol voiced Thursday his concern over the instability in some Arab oil producing countries such as Iraq and Libya.
Birol's remarks came during a conference in Vienna, in which he expounded the outlines of the IEA's annual report.
He underscored the importance of maintaining security and stability in these countries to pump new investments in the vital oil sector.
Noting the fact that European and Asian countries rely on Mideast countries for 60 percent of their needs of oil, Birol said any turmoil and deterioration in such Middle Eastern countries would have a negative impact on Europe and Asia.