Libyan Output Crashes As Fighting Escalates

Militia clashes close to oil ports in the Sirte Basin have brought production in Libya’s oil heartland to a near standstill. The latest escalation pushes the country further towards civil war, and raises the spectre of a prolonged output slump.

Fighting near key export terminals slashed Libyan oil output this week, as a deepening political divide finally caught up with the country’s energy sector.

Islamist militia in control of the capital Tripoli thrust eastwards on 15 December, and clashed with rival forces near the Es Sider and Ras Lanuf oil ports a day later, causing the National Oil Corporation (NOC) to declare force majeure at the two terminals. (CONTINUED - 1730 WORDS)