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 […]