NEW YORK — Beyond the crisis in Libya, what’s making energy markets nervous — and driving up oil prices — is concern about Saudi Arabia.

The world’s largest oil exporter is dealing with protests at home, although smaller in scale than those in nearby countries. Larger demonstrations in neighboring Bahrain have oil traders fearing the unrest could spill across the border.

With the entire region in upheaval, it would be a mistake to think the Saudis have shielded themselves from the anger that ousted leaders in Egypt and Tunisia, Barclays analyst Helima Croft said.

“You could say, they’re rich, (King) Abdulla’s popular, no problem,” Croft said. But anything is possible. “If anyone had asked us in January whether (Egypt’s) Hosni Mubarak would be gone, most of us would have said ‘absolutely not.’ “

More than 17,000 Saudis have signed up on a Facebook page calling for a “Day of Rage” on Friday, according to Barclays Capital. That’s despite King Abdulla’s recent announcement of a $36 billion program for employment, housing and education.

Saudi Arabia has also increased production to make up for a drop in Libyan exports. Doing so, however, will cut into the country’s surplus supply for months.

 


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