In Libya, amid internal strife, prosecutors intend to arrest unnamed oil minister
Kyiv • UNN
In Libya, the attorney general ordered the arrest of the unnamed oil minister for behavior incompatible with his position. Against this backdrop, NOC suspended production at the country's largest field due to force majeure.
Libya has Africa's largest oil reserves, but unrest continues in the country. According to Bloomberg, Libya's attorney general has ordered the arrest of the country's oil minister - but it is unclear who currently holds the post, reports UNN.
Details
Libya's chief prosecutor has ordered the arrest of the country's oil minister: he is accused of behavior "incompatible" with his post.
Who currently holds the post - amid political upheaval - is not exactly clear.
Meanwhile, Libya's National Oil Company (NOC) announced the suspension of oil production at the country's largest oilfield in southern Libya.
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The company cited "force majeure," which means it is exempt from liability if supply contracts are not fulfilled, French Radio International reported.
Supplement
The shutdown is worrying European markets, especially in view of the crisis in the Middle East.
Reference
In 2023, Libya, Africa's largest oil reserve, became the first to produce oil, surpassing Nigeria. The country is very attractive because its oil is very close to the surface and a barrel of it costs only $1 to produce.
