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.

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.



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD rebounds after dismal US PMIs

EUR/USD is trading closer to 1.0850, rising in response to weak US PMIs, with the services one pointing to contraction. Earlier, German Manufacturing PMI beat estimates. 


GBP/USD advances to 1.2950 after US data

GBP/USD is trading around 1.2950, taking advantage of US weakness stemming from a downfall in Markit's Services PMI in the US. In Britain, the Manufacturing PMI exceeded estimates. 


Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Consolidation process underway

The Crypto board continues to be immersed in an emotional leg-breaking, consistently punishing the emotional state of the traders with its continuous changes of direction.

Read more

XAU/USD unstoppable, breaks to fresh 2020 highs, approaching $1650/oz

XAU/USD is trading in an uptrend above its main daily simple moving averages (SMAs) while breaking above a bull channel. Gold is printing fresh 2020 highs hitting $1646.64 per ounce on an intraday basis.  

Gold News

FXStreet launches Real-Time Trading Signals

FXStreet Signals offers access to explanatory live webinars, real-time notifications when signals are triggered and exclusive membership to the company’s Telegram group, where users get direct guidance by our analysts and get room to discuss and interact.

More info