Oil exports slashed by half in Libya ahead of the summit in Germany

Eastern Libya ports stop oil exports risking Libya’s livelihood.
The Berlin summit hopes to persuade commander Haftar to stop his quest to seize the capital, Tripoli.

John Isige FXStreet

A report by Reuters indicates that Eastern Libya ports, currently under the control of commander Khalif Haftar are stopping oil exports from the region. Haftar is working on seizing the capital city of Libya, Tripoli. The move has brought down Libya's national crude output to half the usual amount.

The decision to stop the exports comes just before a summit scheduled to held in Berlin, Germany. The United Nations in conjunction with Germany hope to convince Haftar to abandon his nine-month quest of seizing Tripoli.

Prior to the closure, Libya's daily oil output was 1.3 million barrels. Tribesmen allied to Haftar say that the Tripoli government has been using revenues from the oil exports to pay for foreign fighters’ services.

The Berlin summit

The closure of the ports in Eastern Libya is a step backward for the summit being held in Berlin. Both Haftar and Fayez al-Serraj the leader of Tripoli, are expected at the Summit. Subsequent summits have failed to yield any results leaving Libya in the turmoil that has lasted since 2011 when Muammar Gaddafi died.

Author

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

GBP/USD clings to 1.3500 amid marginal losses

GBP/USD alternates gains with losses around the 1.3500 neighbourhood on Tuesday. Indeed, Cable struggles to further extend its incipient recovery in a context of continuous instability in the Middle East and modest gains in the Greenback.

EUR/USD remains slightly offered near 1.1530

EUR/USD trades with humble losses in the 1.1540-1.1530 band following the closing bell in Euroland on Tuesday. Indeed, the pair’s tepid decline comes amid the marginal advance in the US Dollar, as traders continue to closely follow developments in the Middle East and gear up for the upcoming US CPI data.

Gold loses the grip below $4,400

Gold retreats from its earlier tops and briefly revisited the $4,350 region per troy ounce on Tuesday. The yellow metal’s modest retracement follows lacklustre gains in the US Dollar and declining US Treasury yields across the curve, all amid steady uncertainty from the geopolitical landscape.

Crypto Today: Bitcoin and Ethereum consolidate, XRP dips as optimism for a US-Iran deal fades

Bitcoin (BTC) maintains a neutral outlook on Tuesday while testing support at $64,000. Investors appear to be sitting on the fence, awaiting a catalyst for a breakout above $65,000.

The inflation narrative is still way more important than the employment story

Core bonds sold off yesterday with the belly of the curve slightly underperforming in the US while European curves showed more of a bear flattening. Daily changes on the US curve varied between +4.7 bps (2-yr) and +6.4 bps (7-yr).

9-3: Is the Federal Reserve’s vote tally Warsh's new forward guidance?

The rate did not move. Neither did the statement, and that’s the more interesting fact. Set the July 29 Federal Open Market Committee (FOMC) statement beside the one issued on June 17, and the two documents are identical apart from a single verb and a paragraph at the bottom naming three dissenters.