Rebel fighters gesture in front of burning vehicles belonging to forces loyal to Libyan leader Muammar Gaddafi after an air strike by coalition forces along a road between Benghazi and Ajdabiyah March 20, 2011. [Photo: China Daily/Agencies]

"Libya has just 2 percent of the world's oil, so I don't think the Chinese energy market will suffer much."

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World oil prices rallied higher on Monday as a Western coalition air force struck Libya and unrest in several Middle East countries caused more concerns about the safety of crude oil supply.

However, according to Mark Hughes, executive business editor of the China Daily, volatile international oil markets won't affect China much, even though the country imports much of its oil from overseas.

"Libya has just 2 percent of the world's oil, so I don't think the Chinese energy market will suffer much," Mark Hughes said.

Mark Hughes added that it remains to be seen how matters will develop in the aftermath of the Western-led air strikes.

"China got some oil-related projects in Libya, almost all of them are halted," Mark Hughes continued, "but in the long run, if Libyan leader Muammar Gaddafi stays in power, those projects would be put back on line."

The fact that China has a diversified energy portfolio and there are new oil fields being discovered will help ease pressure on the Chinese energy market, Mark Hughes added.

Oil prices have remained near $100 a barrel, since tensions escalated in Libya, where oil production of 1.6 million barrels a day has fallen to well under 500,000 barrels a day, with exports virtually being nonexistent.

Saudi Arabia, the world's largest oil producer and exporter, says it has been able to make up for the shortfall with its own spare production capacity.