Protests Shut Down Libya’s Sharara Oilfield

A general view shows Libya's Sharara oilfield on December 3, 2014. (Reuters)
A general view shows Libya's Sharara oilfield on December 3, 2014. (Reuters)
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Protests Shut Down Libya’s Sharara Oilfield

A general view shows Libya's Sharara oilfield on December 3, 2014. (Reuters)
A general view shows Libya's Sharara oilfield on December 3, 2014. (Reuters)

Local protests have forced a full shutdown of production at Libya's Sharara oilfield, which can produce up to 300,000 barrels per day, two engineers told Reuters on Wednesday.

A video circulating on the internet showed a number of local protesters from Fezzan region in southern Libya announcing the closure of the Sharara field until their demands are met.

Libya's National Oil Company (NOC) did not immediately respond to a request for comment.

An engineer had earlier told Reuters a partial reduction in production had taken place and said that protesters were in front of the gate of the oilfield.

One protester told Reuters by phone that the region was "in need of developing projects and services, such as a refinery for fuel supply, paved roads, a clinic and providing jobs for young people".

The Sharara field, one of Libya's largest, has been a frequent target for local and broader political protests.

The field is located in the Murzuq basin in the southeast of Libya. It is run by state oil firm NOC via the Acacus company, with Spain's Repsol, France's Total, Austria's OMV, and Norway's Equinor.

In July, production at the Sharara, Elfeel and 108 fields was stopped by tribal protesters over the abduction of a former finance minister.

Libya's oil output has been disrupted repeatedly in the chaotic decade since the 2011 NATO-backed uprising against Moammar al-Gaddafi.



Gold Prices Hold Steady as Investors Await US Fed Policy Cues

A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
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Gold Prices Hold Steady as Investors Await US Fed Policy Cues

A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)
A participant shows gold bars during the 21st edition of the international gold and jewelry exhibition at the Kuwait International Fairgrounds in Kuwait City on May 23, 2024. (Photo by Yasser AL ZAYYAT / AFP)

Gold prices remained steady on Wednesday, as investors awaited the US Federal Reserve's decision on interest rates due later in the day, while also focusing on US President Donald Trump's trade policies following his tariff threats.

Spot gold eased 0.2% to $2,758.49 per ounce by 09:55 a.m. ET (1455 GMT), while US gold futures rose 0.3% to $2,775.60, widening the premium over spot gold rates.

The Fed is scheduled to release its latest policy decision and statement at 2 p.m. EST (1900 GMT), with Fed Chair Jerome Powell due to hold a press conference half an hour later to elaborate on the meeting.

The US central bank is widely expected to hold interest rates steady as it awaits further inflation and jobs data and more clarity on the economic impact of Trump's policies before deciding whether to cut borrowing costs again.

"However, the Fed's commentary in regards to the potential for an interest rate cut in the March meeting is going to be in focus," said David Meger, director of metals trading at High Ridge Futures.

Gold prices neared all-time highs last week after Trump called for lower interest rates. Bullion tends to thrive in a low-interest-rate environment as it yields no interest.

Prices, however, retreated sharply on Monday as a sell-off in technology stocks, driven by Chinese AI model DeepSeek, sparked a rush to liquidate bullion to counter losses, according to Reuters.

The sell-off in the stock market seen on Monday may not be over and the unpredictability of Trump's policies is contributing to an increased demand for gold as a safe-haven, said Jim Wyckoff, a senior market analyst at Kitco Metals.

Trump still plans to make good on his promise to issue tariffs on Canada and Mexico, and his policies are widely seen as inflationary.

Elsewhere, spot silver gained 1.7% to $30.92 per ounce, platinum also added 0.5% to $946.45. Palladium was up 0.8% to $962.50.