Libyan military opposition has stopped oil exports at 800,000 barrels per day

Libyan commander Khalifa Haftar has blocked oil exports from ports under his control. Exports are 800,000 barrels per day, currently suspended.

The move was launched to show strength ahead of a conference in Berlin with the Tripoli government organized by Angela Merkel. At this point, the commander refuses to stop his offensive and agree to a peaceful outcome, leaving the meeting in Russia last week.

Turkey is backing Tripoli, but stopping exports will make arms trade more difficult.

If the situation persists after the markets open, I would expect a sharp rise in oil prices. Worldwide production is equivalent to 102 million barrels per day, and stopping exports from Libya will create a serious deficit. Especially in Europe, where Libya exports most of its products.

 Trader Martin Nikolov

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