Oil & Energy Markets

Supply Disruptions in Libya and Iraq Send Oil Prices Higher

By Mahati K L
January 20, 2020
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Oil prices rose on Monday following news of major supply disruptions in Libya and Iraq over the weekend. On Sunday, Libya’s National Oil Corporation (NOC) released a statement that rebel military commander Khalifa Haftar’s Libyan National Army (LNA) had shut down a pipeline to the coastal city of Zawiya, forcing NOC to cut production from the key Sharara and El Feel oil fields in the south-west of the country. NOC warned that a continued blockade of exports could result in the complete shutdown of Libyan oil production within 5 days. Meanwhile in Iraq, production from the Al Ahdab oil field located 180 km south-east of Baghdad was also forced to shut over the weekend as local security guards seeking permanent employment contracts blocked access to the facility.

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