General Khalifa Haftar has shut off more than half of Libya’s oil exports, and the National Oil Company (NOC) has declared force majeure, taking a whopping 800,000 barrels per day of crude offline for export, and costing the country some $55 million in lost revenues daily. And now, with the country’s entire 1.2 million bpd in production facing a complete shutdown, the market remains confused as to just how much oil is already offline. According to the NOC, four key ports – Hariga, Brega, Sidra and Ras Lanuf – are closed and under force majeure as of 18 January. What that means is that once these ports reach their storage capacity, which is limited, the NOC will have to shut down crude oil production. Right now, the NOC is reducing crude oil production rates to avoid a total shutdown of production. A total shutdown would take all 1.2 million […]