The ongoing protest against the Libyan Prime Minister, Abdul Hamid Dbeibah, which has affected the crude oil production and loading from that country, continued to make an impact on the crude oil futures on Tuesday also. Following this, crude oil production was stopped at El Feel oil field, and some Libyan ports stopped loading crude oil cargoes. According to reports, Libya’s oil production has declined by more than half a million barrels a day following these incidents. This development comes at a time when the world market is facing tight supply of crude oil due to Russia-Ukraine war. Reports also indicated that crude oil demand from China is likely to resume as manufacturing plants in Shanghai are preparing to reopen after a three-week-long lockdown in the region.

Source: Libya Today April 19, 2022 10:09 UTC