Oil prices rose on Monday as Libya's eastern government announced the closure of all oilfields and a halting of all production and exports.
Oil prices jumped by nearly 3% early on Monday, buoyed by fears of escalating conflict in the Middle East and Libya ’s rival government in the east announcing the closure of all oilfields, production, and exports. The Benghazi -based government in eastern Libya , which is a rival to the Tripoli -based government in the politically divided North African OPEC producer, said on Monday it would shut down all crude oil output and exports.
However, as of Monday midday local time, Libya’s National Oil Corporation NOC, the company controlling the country’s oil resources, had not confirmed any information about a halt to production. Over the past weeks, the situation in Libya has deteriorated with the east-west rivalry flaring up again and centered on the leadership of the Central Bank of Libya—the guardian of Libya’s wealth and income from oil exports and the only internationally recognized depository for these revenues.
Libya OPEC Benghazi Tripoli Central Bank Oil Production Oil Exports Force Majeure Political Conflict
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