Exxon Mobil, the Dow component and the largest U.S. oil company, is among several U.S. oil majors that halted trading oil with Libya to comply with U.S. sanctions against the North African nation that is the continent's third-largest oil producer behind Angola and Nigeria.
Exxon (XOM), the largest U.S. company by market value, ConocoPhillips (COP), the third-largest U.S. oil company, and Marathon Oil (MRO) have all stopped reduced their Libya exposure either through suspended trade or through halted activities in the country.
Investment bank Morgan Stanley (MS) is also rumored to have stopped contracts with Libya, Reuters reported. Members of the European Union, where most of Libya's oil is exported to, have also imposed sanctions against the country.
Prior to the start of civil unrest, Libya, an OPEC member, was pumping about 1.6 million barrels of oil per day. By some estimates, that figure has dropped by 1 million barrels a day if not more. The country is home to Africa's largest oil reserves.