Libya’s oil sector could go into a tailspin with two-thirds of its total crude oil production of around 1.20 million b/d at risk after its key oil ports were suspended Saturday by the Libyan National Army. This led state-owned National Oil Corporation to declare force majeure on oil exports out of the Brega, Ras Lanuf, Marsa el Hariga, Zueitina and Es Sider terminals. NOC warned that this blockade will lead to a 800,000 b/d production loss along with financial losses of approximately $55 million per day. Libya’s crude production ranged between 1.15 and 1.20 million b/d, earlier in the week, according to S&P Global […]