Thank you for your reading and interest in the news Oil market to remain tight amid geopolitical unrest in Iraq and Libya and now with detailsHind Al Soulia - Riyadh - The oil market is poised for further tightness this week after closing at a three-month high on Friday, following threats to production facilities in Iraq and Libya. Protests which have rocked Iraq, Opec's second-largest producer since October, have caused the shutdown of production at the Nassiriya oil field, according to sources cited by Reuters. The halt in output was a "de-escalation tactic" that was unlikely to impact the country's overall production or exports, according to the Iraq Oil Report. Meanwhile, in Libya, the state-owned National Oil Corporation said it was considering the closure of the western Zawiya port amid plans to evacuate staff from the onsite refinery due to clashes between rival factions. Ongoing clashes between armed groups have made continuing oil production in the area a risky proposition.

Source: Libya Today December 29, 2019 14:37 UTC