Global Oil Supply Disruptions Escalate as Libyan Oilfields Halt Production
Libya's largest oilfield, Sharara, and the El Feel oilfield have been fully halted due to protests, reducing global oil supply at a time when Saudi Arabia and Russia are cutting production. The protests were sparked by the kidnapping of a former finance minister. The stoppage, along with an outage in Nigeria and announced cuts by Saudi Arabia and Russia, has shifted market focus to supply disruptions. Brent Crude prices have risen above $80 per barrel for the first time since May, and temporary output disruptions could further boost prices in the short term.
