Guards spark Libya oil crisis

A blockade by guards at Libyan oil terminals has pushed national oil production down to fewer than 100,000 barrels a day. The article describes this as a major blow to Libya’s economy — a development investors may want to watch because it affects a key oil-producing country.

According to the article, Libyan oil production has plunged to fewer than 100,000 barrels per day as a result of the terminal blockade.

The guards are largely former rebels who helped topple Muammar Gaddafi in 2011. The article says many of them have been on strike since July and are directly involved in the terminal blockade.

The guards accuse authorities of corruption, saying crude has been sold in excess of documented cargo. Their strike began in July, according to the article.

Yes. The article reports the government says the guards have been trying to sell oil on the black market.

Yes. The article characterises the production plunge caused by the blockade as a major blow to Libya’s economy.

The government claims that the guards have been trying to sell oil on the black market. The guards, for their part, allege corruption by authorities — both points are reported in the article.

The article itself reports the production drop and the dispute but does not offer investment advice. Everyday investors should note the facts reported (the blockade, production below 100,000 bpd, and government and guards’ allegations) and follow official updates and market reports before making investment decisions.