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U.S. Calls for Immediate Resumption of Libya Oil Production

© Reuters. U.S. Calls for Immediate Resumption of Libya Oil Production

(Bloomberg) — The U.S. embassy in Libya called Tuesday for an immediate resumption of oil production, increasing pressure on eastern strongman Khalifa Haftar, who has disrupted output in a show of defiance to world leaders pushing to end the North African country’s civil conflict.

Haftar stopped the production at virtually all of the nation’s oil fields on the eve of an international peace conference in Berlin on Sunday. Global prices jumped above $65 a barrel on Monday as the Libyan disruptions coincided with the shutdown of some output in Iraq, reigniting fears about the market’s vulnerability to geopolitical risk in key supply regions.

Libya holds Africa’s largest proven oil reserves.

Libya’s Oil Output Plunges as Cease-Fire Talks Come Up Short (1)

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