Libya Is Back on the Brink of Civil War

Libya has had the full attention of the oil markets all week, with the Haftar clan of the east blocking oil production to gain leverage over a battle to control the Central Bank, which controls the country’s oil revenues. The initial shutdown caused a surge in oil prices that were later tamed by a lower-than-expected draw on U.S. crude stockpiles in the weekly inventory report. By Thursday, Libya’s oil production was losing 700,000 barrels per day, from its 1.2 million bpd 2024 production. Output has also been either stopped or reduced…