Libya Output Down, Risk Of Further Collapse

Libya’s oil production has taken a dramatic dive with the closure of Hariga export terminal near Tobruk due to a stand-off between competing arms of the state oil company. Production has dropped to just over 200,000 b/d. With storage at the terminal close to capacity, the country’s crude output will fall further if shipments do not resume.

Though a tentative 16 May deal by two rival arms of Libya’s National Oil Corporation (NOC) led to 600,000 barrel Seachance tanker loading on 20 May as MEES went to press, it is too early to say that this indicates a solution to the protracted dispute. (CONTINUED - 1204 WORDS)