Libya is producing only about 100,000-150,000 bpd of crude oil as almost all of its fields get shut down amid the latest flare-up of fighting between political factions in the war-torn country. Oil minister Mohammed Aoun said earlier in the week that the country’s oil production was down by 1.1 million barrels daily—from 1.2 million barrels daily earlier this year. Today, a spokesman for the ministry confirmed the figure, meaning that Libya is producing about a tenth of what it was producing at the beginning of the year. As a result, Libya is losing about $70 to $80 million daily in oil revenues, according to the oil ministry spokesman, as quoted by Reuters. On the flip side, Libya has proved it can restart production relatively quickly, which would mean a quick return of barrels once the conflict is resolved.

Source: Libya Today June 15, 2022 12:36 UTC