• 7 days Retail On Pace For Most Bankruptcies And Store Closures Ever In One Year: BDO
  • 10 minutes America Could Go Fully Electric Right Now
  • 9 days Majors Oil COs diversify into Renewables ? What synergies forget have with Solar Panels and Wind Tirbines ? None !
  • 4 hours Most ridiculous green proposal
  • 46 mins QUESTION: With worldwide 1.4 Billion passenger vehicles and 360 Million commercial vehicles using combustion engines how long before gasoline and distillates measurably decline. .
  • 3 hours Biden's laptop
  • 1 day The Green Hydrogen Problem That No One Is Talking About
  • 30 mins Rethinking election outcomes for oil.
  • 4 hours The City of Sturgis Update on the Motorcycle Rally held there, and the MSM's reporting hence
  • 2 days China Sets Its Sights On Global [EV, AI, CRISPR, Fusion, Navel Lint Collector] Dominance
  • 7 hours Video Evidence that the CCP controls Joe Biden
  • 19 hours DOJ confirms FBI investigating Hunter Biden since last year for money laundering.
  • 1 day Making diamonds from thin air
  • 21 hours P@A will cost Texas Taxpayers $117 Billion.
The OPEC Deal Is Under Threat

The OPEC Deal Is Under Threat

With the November OPEC meeting…

Could Fracking Help Save Colombia’s Oil Dependent Economy?

Could Fracking Help Save Colombia’s Oil Dependent Economy?

Colombia’s economy is teetering on…

The Next Oil & Gas Battleground For Supermajors

The Next Oil & Gas Battleground For Supermajors

Thanks to its recent acquisition…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Is Libya’s Oil Production Heading To Zero?

Libya is facing the risk of its oil production grinding to near full stop if a blockade of its export terminals and several fields continues, the chairman of the country’s troubled National Oil Corporation, Mustafa Sanalla, told Bloomberg.

A group of paramilitary formations affiliated with General Khalifa Haftar’s Libyan National Army occupied the export terminals last week along with pipelines and fields. The blockade came amid continued fighting between the LNA, which is loyal to the eastern Libyan government and the forces loyal to the Government of National Accord, which is recognized by the United Nations.

Soon after the blockade, NOC declared force majeure on oil exports, with Sanalla warning that the blockade could end up costing Libya $55 million daily. At the time, the losses in production were estimated at between 500,000 bpd and 800,000 bpd. Now, Libya’s production is around 300,000 bpd but Sanalla told Bloomberg it could go as low as 72,000 bpd. That’s down from over 1.2 million bpd before the blockade.

So far, according to NOC’s chairman, the blockade has cost Libya $318 million but it has also cost NOC a budget that the GNA had previously approved to pursue oil production growth. Plans were to boost the daily average to 2.1 million bpd by 2024.

Losses will continue accumulating until the situation is resolved quickly as Libya does not have storage capacity for whatever oil is still being produced. In this context, there might even be a possibility for a complete halt of oil production.

Meanwhile, things are not looking up. At a round of peace talks in Germany last weekend that continued in Moscow on Monday, General Haftar refused to even meet the Prime Minister of the GNA, Fayez al-Serraj, let alone accept a peace deal. Instead, the LNA launched an attack on the city of Misrata, which is loyal to the GNA.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News