EddieJayonCrypto
3 Jan 24
The crude oil benchmark rose nearly 1.5% after protesters entered Libya's largest oil field, ceasing production and sparking concerns about crude supply. Protesters demanded jobs and other services, leading to warnings from Libya's National Oil Corp. about a full halt and force majeure. Oil prices r...
The crude oil benchmark rose nearly 1.5% after protesters entered the largest oil field in Libya, ceasing production. Protesters demanded jobs and other services, leading to warnings from Libya's National Oil Corp. about a full halt and force majeure. Oil prices rose further due to attacks in the Red Sea, prompting fears over the closure of crucial waterways for oil transportation. OPEC producers are set to discuss production cut policy in February, with analysts believing there is little room left for further reductions.
Oil prices rose on Wednesday as concerns over crude supply worsened after Libya’s largest oil field halted production due to protests. A group of protesters entered the facility in 20 vehicles, demanding jobs, a new refinery, and other services. The move came not long after Libya’s National Oil Corp. warned that a full halt and a force majeure were likely if the country did not address the protesters’ demands. Additionally, further escalation in the region could result in the closure of crucial waterways for oil transportation and the disruption of trade flows.
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