Libya has started to shut down two large oil production bases over a military blockade.
- In the status quo, the running conflict between the two rival factions is further escalating, which is further anticipated by the market to trickle the supply from OPEC.
- National Oil Corporation mentioned on Sunday that forces loyal to the Libya National Army closed a pipeline, which led the company to shut down two oil fields on the southwest.
- The shutdown is expected by the company to slash out 800,000 barrels of oil production per day.
- Foreign countries agreed in a summit on Sunday in Berlin to strike a truce in Libya, albeit, the latest blockade overshadowed the event of the summit.
There is no investor left unperturbed with the ongoing trade conflicts between US-China and the devastating bushfire in Australia.
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