Libya’s Oil Production Soars After Blockade Ends 

Crude oil production in Libya jumped nearly threefold from below 100,000 barrels per day last week to around 250,000 bpd now - a week after the blockade on Libya’s oil ports was lifted.  While the restart of Libya’s oil industry and exports are welcome news for the country, which has lost more than US$10 billion in oil revenues due to the blockade, the increased supply from the African OPEC member is weighing on oil prices amid a faltering global oil demand recovery.  As of Monday, Libya’s oil terminals at Hariga, Brega,…