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Russian Official: Instability of Libya’s Oil Sector Confused Global Market

June 17, 2022
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Russian Deputy Prime Minister, Alexander Novak said that the role of “OPEC +” is increasing due to the uncertainty experienced by consuming and producing countries, including Libya, China, Venezuela, and Iran.

In his statements to local television, “RBC”, Novak added that Moscow is not considering reducing its oil production, due to the European embargo.

He also pointed out that Russia did not intend to switch to paying oil futures contracts in rubles, similarly to its gas sales. He stressed the importance of continuing cooperation between OPEC + countries to avoid any possible collapse in the oil markets.

In April, tribal leaders in the east and south of the country closed major oil fields and ports. This was to protest against Prime Minister of the Government of National Unity (GNU), Abdel-Hamid Dbaiba’s refusal to hand over power to the Parliament-approved government.

The closure of oil fields caused a decline in production by about 600,000 barrels per day, and daily financial losses estimated by the Ministry of Oil at about $60 million dollars.

Libya’s oil production has faced a wave of forced closures, prompting the National Oil Corporation (NOC) to declare “force majeure” and suspend the work of two important ports in the east, and close six fields in the south and east of the country.

Libya’s Minister of Oil believes that the oil sector has been affected by the political division. He stressed that those behind these closures are “protesters demanding development and a fair distribution of oil revenues.”

Tags: libyaLibyan OilOil MarketRussiaRussian Official
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