Libya Flood Disrupts Petroleum Production, Drives Up Oil Prices
The recent flooding in Libya has caused widespread damage to oil infrastructure and disrupted production, sending oil prices to a 10-month high.
The flooding, which was caused by heavy rains and overflowing dams, has affected oilfields. The National Oil Corporation (NOC), Libya's state-owned oil company, said that production has been cut by 800,000 barrels per day.
Brent crude, the international benchmark for oil prices, rose by nearly 2% on Tuesday to reach $92.38 a barrel. This is the highest price since November 17, 2022. US oil prices also rose, with West Texas Intermediate (WTI) crude up 2.3% to $89.29 a barrel.