Protests disrupt oil production in Libya, worsening Russia supply problems
Brent crude oil has settled Monday's price at $113.16, up $1.46 or 1.3%, whereas West Texas Intermediate has finished at $108.21, up $1.26 or 1.2%.
According to Bloomberg, the Sharara field in western Libya closed down after protesters mobilized at the site, demanding that the Libyan Prime Minister, Abdul Hamid Dbeibah, resign. El Feel oil deposit has also been closed down for the same reason.
Brent crude oil settled Monday's price at $113.16, up $1.46 or 1.3%. Last week, Brent gained 8.7% after two weeks of losses which ate 13% of crude prices.
West Texas Intermediate finished Monday at $108.21, up $1.26 or 1.2%. WTI increased 8.8% last week, after a 13% loss over two previous weeks.
This year, Libya's oil production averaged just over 1 million barrels a day, a decrease from 2021, 1.2 million, according to media reports. This drop is bleeding the economy millions of dollars in revenue.
Recently, the International Energy Agency warned that around 3 million barrels a day of Russian oil could be halted from May onward due to the sanctions implemented on Russian oil and exports.
According to the Interfax news agency on Friday, Russian oil output has been on a decrease in April, declining 7.5% from March till the first half of April.