Libya is producing about 204,000 bpd of crude oil at the moment, an unnamed source has told Bloomberg, as a blockade of the country’s export terminals and several fields enters its third week. This is the lowest production level since 2011, when Libya’s civil war began, and a drop from about 1.2-1.3 million bpd pumped before the blockade. Last month, the head of the National Oil Corporation warned that production could fall to zero if the blockade continues. Forces affiliated with the Libyan National Army, itself affiliated with the eastern Libyan government that is fighting the UN-recognized one in Tripoli, seized Libya’s oil exporting terminals in mid-January as well as several pipelines feeding oil from the nearby fields. This in turned prompted the shutdown of the fields, dealing a severe blow to Libya’s production that was on its path to recovery after years of outages. Following the blockade, NOC […]