Libya’s Largest Oilfield Hit by New Armed Group Blockade

AI Summary

An armed group in Libya has closed a valve on the pipeline from the Sharara oilfield to Zawiya port, causing a significant drop in crude oil production. This blockade exacerbates global oil supply concerns amid ongoing Middle East disruptions.

Crude oil production at Libya’s largest oilfield, Sharara, has slumped over the past day after an armed military group closed a valve on the pipeline that carries crude oil from the field to the Zawiya port for exports, in yet another global supply scare amid ongoing disruptions in the Middle East. An armed group has closed Valve n.7 on the pipeline, Libya’s National Oil Corporation (NOC) said, adding that the closure caused a pressure buildup within the crude oil pipeline, leading to a significant reduction in production at the Sharara…