Forces advance on Libyan capital, threatening to tip key OPEC oil producer into war
Source: CNBC
Forces loyal to Libya's eastern military leader are advancing west towards Tripoli, sparking concerns that war could soon break out in a key oil-producing nation.
The OPEC member state has been riven by conflict since the fall of dictator Muammar Qaddafi in 2011. For much of that time, General Khalifa Haftar has held the country's east, drawing support from Egypt and the United Arab Emirates and serving as a foil to the United Nations-recognized government in the capital of Tripoli.
The two sides have been engaged in UN-sponsored power-sharing talks. But on Wednesday, Haftar's Libyan National Army unexpectedly marched toward Tripoli. Skirmishes between the LNA and forces loyal to Prime Minister Fayez al-Serraj have since been reported.
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The potential conflict comes at a time when global crude supplies are tightening and oil prices are steadily advancing towards $70 a barrel. On the demand side, global consumption is growing faster than many expected. On the supply side, OPEC and its allies led by Russia are cutting output while the U.S. is poised to tighten energy sanctions on Iran and Venezuela.
Read more: https://www.cnbc.com/2019/04/04/libyan-forces-move-on-tripoli-threaten-to-tip-oil-producer-into-war.html
Another update on the continued chaos and instability in Libya.
