The ongoing political dispute in Libya has led to the shutdown of key oil fields, affecting the country’s oil production. The Sarir field, producing 209,000 barrels per day, has halted production, following the Sharara field’s force majeure declaration. Disruptions have also been reported in other fields, impacting Libya’s overall oil output of 1.18 million barrels per day.
The decision to halt oil production stems from a move to remove the Central Bank of Libya governor, causing tensions between rival factions. Prime Minister Abdulhamid al-Dbeibah has urged against shutting down oil fields, emphasizing the importance of dialogue amidst the crisis.
In response to the situation, the U.S. Africa Command has called for constructive engagement and dialogue among Libyan stakeholders, with support from the UN and the international community. Meanwhile, concerns about global economic slowdown and Chinese demand have impacted oil prices, with Brent crude trading at $78.35 per barrel in London.
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