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Libyan Production Disruptions Persist

OIL

Protests are ongoing at four sites in Libya, disrupting oil production from the country to around 600,000 bpd, down from around 1.2mn bpd.

  • One of Libya’s two rival governments is pushing for an oil revenue freeze that would prevent either government receiving oil revenues until an agreement is reached with the hope of encouraging protestors to leave. A similar deal ended a shutdown in 2020.
  • The US Embassy announced on Twitter that they support freezing Libyan oil revenues in the National Oil Foundation account of Libya’s Foreign Bank until an agreement on revenue management mechanism between the two governments is reached.

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