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. At the end of the week this improved somewhat, rising to a little above 320,000 bpd. Tribal groups affiliated with General Khalifa Haftar’s Libyan National Army, itself affiliated with the eastern government of Libya, occupied the terminals last week and seized several fields in Libya’s main oil producing region. 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 […]