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Libya's NOC to Gradually Reduce Sharara Oil Field Production due to Protests

A view shows el Feel oil field near Murzuq, Libya, July 6, 2017. (Reuters)
A view shows el Feel oil field near Murzuq, Libya, July 6, 2017. (Reuters)
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Libya's NOC to Gradually Reduce Sharara Oil Field Production due to Protests

A view shows el Feel oil field near Murzuq, Libya, July 6, 2017. (Reuters)
A view shows el Feel oil field near Murzuq, Libya, July 6, 2017. (Reuters)

Libya's National Oil Corporation (NOC) will start to gradually decrease production at the Sharara oil field, it said in a statement on Tuesday, citing force majeure due to protests in the area.

Libya's internationally recognized government condemned on Sunday attempts to shut operations at the Sharara oil field, describing them as "political blackmail", Reuters reported.

The Sharara field, one of Libya's largest production areas with a capacity of about 300,000 barrels per day, has been a frequent target of local protesters for various political reasons.

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Bitcoin, Ether Hit multi-month Lows as Recession Worries Take Hold

A souvenir bitcoin token is seen pictured with a 100 ruble bill in Moscow on July 30, 2024. (Photo by Alexander NEMENOV / AFP)
A souvenir bitcoin token is seen pictured with a 100 ruble bill in Moscow on July 30, 2024. (Photo by Alexander NEMENOV / AFP)
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Bitcoin, Ether Hit multi-month Lows as Recession Worries Take Hold

A souvenir bitcoin token is seen pictured with a 100 ruble bill in Moscow on July 30, 2024. (Photo by Alexander NEMENOV / AFP)
A souvenir bitcoin token is seen pictured with a 100 ruble bill in Moscow on July 30, 2024. (Photo by Alexander NEMENOV / AFP)

Bitcoin and ether plunged on Monday to multi-month lows as worries over a possible US recession in the wake of soft data gripped financial markets and triggered a rush to safe-haven assets.
Crypto markets have gotten a boost this year after the US Securities and Exchange Commission approved an exchange-traded fund to track the spot price of bitcoin and ether.
More recently, however, bitcoin has fallen alongside other assets including global equities in a broad selloff as investors fear a US recession could be on the horizon, with rising geopolitical worries also weighing. It has lost over a third of its value since hitting a record high in March.
"It's a big reminder that bitcoin and crypto in general are risk assets and sit at the pointy end of the risk spectrum," said Tony Sycamore, market analyst at IG.
Bitcoin fell 13% from its close on Sunday to $51,560, heading for its largest one-day fall since November 2022 and its lowest since February. Ether slid 17% to its lowest since mid-January at $2,277.
Sycamore said bitcoin was testing trend channel support at the $54,000/$53,000 area and needed to hold there to "prevent further capitulation towards $48,000."
Shares in crypto-related US stocks listed in Frankfurt fell heavily in early trading on Monday, with Coinbase down over 18%, while those in miners Riot Platforms and Marathon Digital were down 17.7% and 20%, respectively.