Libya conflict back in spotlight also affected oil price earlier this year..

The Libyan conflict is back in the spotlight for the first time since the overthrow of Col. Muammar al-Qaddafi in 2011. 


Now, rebel military commander Khalifa Haftar has blocked oil exports at all ports under his control. This comes to a total of 800,000 barrels per day being blocked and has led the National Oil Corp. to declare force majeure, essentially allowing Libya to suspend the fulfillment of their contracts. Moreover, due to protests on Sunday Iraq has temporarily suspended work at an oil field with a separate production site also being at risk of temporary suspension. Oil futures have risen more than 1.7% in London and New York on the news. ⁠As at January this year and now Coronavirus virus has come with much effect on oil price. 

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