As fighting was getting under way in Libya a week ago, Saudi Arabian oil officials got on the phone to the International Energy Agency (IEA).

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Sheikh Yamani, former Saudi Arabian oil minister, tells The Money Programme that, unless production rises and prices fall soon, the consequences for the world economy will be severe.

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He stressed that attackers can do more than take down websites: They can use viruses to physically destroy electronic devices, as was the case with personal computers at Saudi Arabian Oil Co.

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Oil suppliers and purchasers alike accepted the arrangement whereby Saudi Arabian reserves - defended by the US military -- served as the guarantor of the oil economy.

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Central Asian countries such as Turkmenistan and Uzbekistan are former Soviet republics, Iran had its parliamentary democracy subverted by the West in the 1950s, and Saudi Arabian politics have been dominated by the international oil market.

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In part, this decline has to do with senior Saudi Arabian officials noting the Kingdom is now pumping 10 million barrels per day of crude oil as it attempts to lower prices that could be harming the economic recovery.

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