Libya 1.2 Mbpd production Rate to Witness a Hit of 0.8 Mbpd- Says NOC

  • Jan 20, 2020 AEDT
  • Team Kalkine

Libya has started to shut down two large oil production bases over a military blockade.

  • In the status quo, the running conflict between the two rival factions is further escalating, which is further anticipated by the market to trickle the supply from OPEC.
  • National Oil Corporation mentioned on Sunday that forces loyal to the Libya National Army closed a pipeline, which led the company to shut down two oil fields on the southwest.
  • The shutdown is expected by the company to slash out 800,000 barrels of oil production per day.
  • Foreign countries agreed in a summit on Sunday in Berlin to strike a truce in Libya, albeit, the latest blockade overshadowed the event of the summit.

 

 

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