Libyan Oil Minister Mohamed Oun has been suspended from his office pending an investigation, as decreed by Abdullah Qadirbuh, head of the Libyan Administrative Control Authority, on 2024-03-25. The suspension comes amid a broader context of global oil market adjustments, with Indian refiners increasing their purchases of US crude due to tighter sanctions on Russia. Additionally, Indian buyers, including billionaire Mukesh Ambani’s Reliance, have halted oil purchases from Venezuela ahead of the expiry of a sanctions waiver on April 18, indicating a significant shift in global oil trade dynamics.