EghtesadOnline: Oil prices rose to their highest in more than week on Monday after two large crude production bases in Libya began shutting down amid a military blockade, setting the stage for crude flows from the OPEC member to be cut to a trickle.
EghtesadOnline: Oil Minister Bijan Namdar Zanganeh said Monday US sanctions on Iran and Venezuela plus the renewed military conflict in Libya are contributing to instability in the international oil markets.
EghtesadOnline: Venezuela is in chaos. Iran is grappling with US sanctions. And now there is a surge of violence in Libya. Trouble in these three OPEC nations has helped send US oil prices climbing back above $64 a barrel.
EghtesadOnline: He’s likened to the general-turned-president who now runs neighboring Egypt, and is portrayed as the biggest stumbling block to international efforts to reunite fragmented Libya and get its oil flowing.
EghtesadOnline: Islamic State fighters in Libya have abducted at least 540 refugees in six separate ambushes over the past 18 months. Many of the women captives are being turned into sex slaves to reward the extremist group’s warriors.