Libya’s government may stop paying civil servants by the end of the year as protests at petroleum facilities curtail the nation’s oil output to one-tenth of its capacity, a lawmaker warned today
The North African state is now producing 150,000 barrels a day, after losing 50,000 barrels in daily production yesterday because of strikes by workers and security guards
The loss of Libyan oil production should be the “real price driver,” in crude markets, Vienna-based JBC Energy said in a research note last week. U.S. threats to attack Syria compounded the impact of Libya’s supply disruption in pushing Brent crude to a six-month high of $117.19 a barrel on Aug. 28. Libya holds Africa’s largest proven oil reserves, according to BP Plc’s Statistical Review of World Energy
The North African state is now producing 150,000 barrels a day, after losing 50,000 barrels in daily production yesterday because of strikes by workers and security guards
The loss of Libyan oil production should be the “real price driver,” in crude markets, Vienna-based JBC Energy said in a research note last week. U.S. threats to attack Syria compounded the impact of Libya’s supply disruption in pushing Brent crude to a six-month high of $117.19 a barrel on Aug. 28. Libya holds Africa’s largest proven oil reserves, according to BP Plc’s Statistical Review of World Energy
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