Libya's largest oil field, El Sharara, was shut down by order of Khalifa Haftar. While this move created great uncertainty in the global oil market, Spain's decision to extract oil sparked this crisis.
El Sharara, the largest oil field in North Africa, located in southwestern Libya, was shut down last week on the orders of Khalifa Haftar. General Khalifa Haftar, who controls the east and south of Libya, took this decision in reaction to the brief detention of his son Saddam Haftar in Italy. The El Sharara oil field is operated by an international consortium, led by Spanish energy giant Repsol, and provides around 28% of Libya's total oil production.
According to reports in the Libyan media, Haftar's radical decision was influenced by Spain's decision to extract oil. The closure of El Sharara is being used as a pressure tool against Spain. Libyan media reports that this step aims to increase the pressure on Madrid.
Libya's Division and Political Uncertainties
Libya is currently controlled by two rival administrations. In the west, the internationally recognized Government of National Unity (GNU) and in the east, the Benghazi Administration led by Khalifa Haftar. Haftar's health condition and political uncertainties in Libya could create further instability in the oil sector.
Conclusion:
The closure of the El Sharara oil field has the potential to create a serious crisis in the global oil market. Spain's decision to extract oil and political tensions in Libya may cause fluctuations in oil prices. The unstable situation in Libya continues to pose a risk that cannot be ignored in the global oil market.
These developments may require Spain and other international actors to reassess their oil investments in Libya. This fragile balance in the global oil market may be shaken by further geopolitical and economic developments in the coming days.
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https://www.risklervefirsatlar.com/2024/08/libyada-dev-petrol-sahas-kapand.html
Italian media: Il Fatto Quotidiano
The Libyan capital Tripoli is in a state of great anxiety as the Libyan National Army (LNA), led by Khalifa Haftar and his son Saddam Haftar, is advancing westward. Haftar's troops are reportedly moving towards Ash Shwayrif, some 400 km southwest of Tripoli. This movement is targeting strategic areas close to the Algerian and Tunisian borders.
Libyan Government of National Unity (GNU) forces have raised the level of alert against a possible attack, calling on all military units to "immediately" report to their headquarters. The Libyan Supreme Council of State in Tripoli described the LNA's actions as "illegal" and warned that they could restart the armed conflict in Libya and threaten the GNU.
The LNA's actions are particularly notable for the deployment of mercenaries from the Russian Wagner Group to support the conflict in Mali. This is exacerbating tensions in the region.
Haftar's attempts to seize Tripoli are reminiscent of the long siege that began in 2019 and his subsequent operations against Fayez al-Serraj, the head of the internationally-backed Government of National Accord (GNA). Haftar's new move risks a widespread conflict across the country.