Libya Oil Pipeline Shutdown
The National Oil Corporation of Libya announced that an armed group has closed Valve No. 7 on the crude oil pipeline from the Sharara field, resulting in a halt in oil flow and a significant decrease in production, with warnings that this will impact export operations and national revenues. The Sharara field, one of Libya's largest oil fields with an production capacity of nearly 300,000 barrels per day, has experienced repeated disruptions due to protests and political and technical disagreements since 2011. The ongoing shutdown process has led to a cessation of production, threatening the country's economy and reducing oil revenues, especially amid rising global prices.
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