Libya’s oil production took a nosedive to less than 300,000 bpd last week, from over 1 million bpd following a blockade of its main oil export terminals, which has in turn prompted the shutdown of several large fields, the National Oil Corporation said as quoted by Reuters. Among the affected fields were Sharara—Libya’s largest—and neighboring El Feel, the two contributing almost a third of Libya’s total output. The Libyan National Oil Corporation declared force majeure on oil exports soon after the news of the seizures broke and warned that the blockade could cost the country $55 million daily, the Libya Observer reported. The blockade will also cost Libya between 500,000 and 800,000 bpd in lost oil production, according to different reports. Before the blockade, Libya was pumping around 1.3 million bpd.

Source: Libya Today January 27, 2020 16:52 UTC