Amid ongoing oil blockades imposed by eastern-based General Khalifa Haftar, Libya’s February crude output at 120,000 b/d came in at its lowest level since the 2011 revolution that overthrew long-time leader Muammar Gaddafi (see chart). The blockades have resulted more than $2.7bn in losses according to National Oil Corporation (NOC).
NOC chairman Mustafa Sanalla has regularly warned output could plummet further to below 100,000 b/d unless the blockades are lifted (MEES, 24 January). Though he did express a note of optimism during this week’s Opec meetings in Vienna (MEES, 6 March) that production would be allowed to resume soon. (CONTINUED - 200 WORDS)