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Friday, April 19, 2024 15:53 GMT
Libya’s oil production has slumped further, according to the energy minister, as a political crisis leads to more shutdowns of ports and fields. The OPEC member’s daily output — which averaged 1.2 million barrels last year — is down by around 1.1 million barrels, Mohammed Oun said to Bloomberg on Monday. That suggests Libya is pumping only around 100,000 barrels a day.“Almost all the oil and gas activities in the east of Libya are being shut down,” Oun said. The latest fall comes after protesters shut the two key eastern oil ports of Es Sider and Ras Lanuf. It will further tighten supplies in a market that has seen crude prices surge more than 50% this year to around US$120 a barrel.