Paralysis at Libya oil ports jacks up global price
Oil prices rose above $75 a barrel on July 3 for the first time since November 2014, as Libya's National Oil Corporation declared force majeure at its principal oil ports, which continue to be battled over by rival armed factions. Prices for West Texas Intermediate crude rose to $75.27 a barrel before dropping back down to $72.73. After years of depressed global oil prices, analysts are again talking of a possible new "oil shock." Growing tensions between the US and Iran, and other factors, were also cited. Libya's Union of Oil and Gas Workers meanwhile issued a statement saying that the country's oil is the collective property of all Libyans, and should be removed from all political, regional and tribal disputes. (CNBC, Libya Observer)
Libyan oil production has been repeatedly paralyzed by unrest since the fall of dictator Moammar Qaddafi in 2011.