New Libyan oil blockade hits already tight global market

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Here is what’s happening, who is responsible and if a deal is possible

Members of a Libyan militia ride in military vehicles on the outskirts of Tripoli, Libya. Picture: REUTERS/HANI AMARA

Both small local groups and major national ones have previously shut down oil production as a tactic to demand a bigger share of state revenue or political changes. That effort failed and eastern factions want to replace the unity government, which has refused to step aside, raising the prospect of a return to outright warfare.The shutdowns are ostensibly the work of local protesters demanding the Tripoli-based prime minister Abdulhamid al-Dbeibah quits in favour of Fathi Bashagha, who was appointed to replace him by the eastern-based parliament.

However, the current wave of closures began in April after Dbeibah’s government said that National Oil Corporation had transferred money to the Central Bank of Libya for use by his Finance Ministry. Libyan law and international agreements say oil can only be exported by the NOC, which tries to remain politically independent, with its revenue channelled to the CBL.

International diplomacy has made little headway and talks to agree on rules for a new election to solve the political dispute have faltered.

 

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