Iraq on Sunday temporarily stopped output at an oil field, with supply from a second site threatened as unrest escalates in OPEC’s second-biggest producer. In Libya, the country’s oil production almost ground to a halt after armed forces shut down a pipeline, halting output from the nation’s biggest field. The double-whammy of disruptions in two key producers has jolted focus back to supply risks as oil markets continue their dramatic start to the year. Libya’s oil production will be limited to 72,000 barrels per day once its storage tanks are full, state-run National Oil Corp (NOC) said, down from more than 1.2 million barrels per day on Saturday. The company declared force majeure, which can allow Libya — home to Africa’s largest-proven oil reserves — to legally suspend delivery contracts.

Source: Taipei Times January 20, 2020 15:56 UTC