Libya's oil output has plummeted. In the middle of this fiercely political contest sits Libya’s National Oil Company (NOC), the steward of Libya’s immensely lucrative oil exports. Such grievances were at the heart of the last oil blockade in July 2018, when he called for the removal of the head of the central bank, Saddek el-Kaber. A ceasefire agreement in Berlin two weeks ago was quickly violated, and, with oil prices under pressure from concerns that the coronavirus is eating into global oil demand, many may be secretly glad that lower Libyan oil supply is helping to somewhat offset a price decline. The current oil blockade is now about as long as the July 2018 blockade.

Source: Forbes February 01, 2020 00:00 UTC