Oil prices rise due to export blockade in Libya
Internet
Published at: 27/08/2024 11:22 AM
This Monday, oil prices increased by more than 3% after the blockade of production exports in Libya.
In this regard, the price of a barrel of North Sea Brent for October delivery rose 3.04% to $81.43. For its part, the barrel of West Texas Intermediate (WTI) for the same date gained 3.46% to $77.42.
The Benghazi authorities ordered “the closure of all oil fields and terminals” installed in areas controlled by the powerful clan of Marshal Khalifa Haftar, that is, about 90% of Libya's total extraction infrastructure.
According to international media, analyst Matt Smith indicated that the price increase “seems more closely linked to Libya than to the Middle East.”
Smith recalled that Libya had a similar crisis in 2020, and the paralysis lasted almost six months. “The market takes (the situation) seriously,” he said.
Mazo News Team