Crude oil prices are on the move again as Libya has shut down almost all its oil fields amidst a political crisis in the OPEC member nation.
At one point this African nation holding the largest crude reserves for the continent produced almost 1.2 millions bpd of oil. Currently Libya is pumping only 10% of that which is merely 100,000 bpd as per Bloomberg. This means that Libya is producing almost no oil, putting further strain on an already undersupplied oil market.
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The fall in supply will further tighten a global market that has seen crude prices jump more than 50% this year to around $120 a barrel.