Reduction in Libyan oil production due to political conflicts

Eviralnews,, quoted by Reuters, more than half of Libya's oil production, about 700,000 barrels per day, was reduced on Thursday, and the country's exports from many ports were stopped due to political conflicts. There is concern that the differences between different political groups over the central bank and oil revenue will end the relative peace of 4 years in this country.

The Libyan National Oil Company, which controls the country's oil resources, announced on Thursday that the country's average oil production reached 591,024 barrels on Wednesday, the 28th of August. Last month, Libya produced about 1.18 million barrels of oil per day. The closure of oil fields affected 1,504,733 barrels of Libyan oil production in the past three days, which was worth about 120 million dollars.

The crisis over the control of the Central Bank of Libya has increased the risk of instability in this country. Ports in Libya's oil-rich Oil Crescent region, which stretches from Tobruk in the east to al-Sidra in the west, halted exports on Thursday.

Production in the oil fields under the control of Waha Oil Company, which is one of the branches of the Libyan National Oil Company, has also decreased to 150 thousand barrels per day. Production in Sharara, Sarir, Amal and Nafoura oil fields has also decreased or stopped.

In this way, 700,000 barrels per day of Libyan oil production have been stopped. The country produced 1.18 million barrels per day in July. Rapidan Energy estimates that the decrease in Libyan production will reach 900 thousand to 1 million barrels per day and will continue for several weeks.
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