Libya’s Oil Output Drops, Pipeline Work to Last a Week
- Explosion damaged pipeline carrying crude to Es Sider terminal
- Libyan disruption comes as North Sea oil pipeline outage eases
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Libyan crude production fell below 1 million barrels a day as the country’s crucial energy infrastructure was once again targeted by violence.
The disruption in the North African nation lifted oil prices to a two-year high on Tuesday, offsetting the impact from the return of a major U.K. North Sea pipeline from a shutdown. The halt keeps output below the cap Libya agreed last month with the Organization of Petroleum Exporting Countries and allies including Russia.