OPEC member Libya was producing between 1.15 million and 1.20 million b/d last week before the blockade began. Libyan crude production averaged 1.06 million b/d in 2019, according to S&P Global Platts estimates, from 950,000 b/d in 2018 and 810,000 b/d in 2017. Libya has the largest proven reserves of oil in Africa, and its crude is coveted because it is light and sweet. Crude exports from the North African producer were expected to average 1.10 million b/d in January, according to shipping data seen by Platts. Libya has been unable to recover from the 2011 uprising when the toppling of leader Moammar Qadhafi led to civil strife and reduced output from more than 1.6 million b/d before his ouster. London — Libya’s crude production is on the verge of being crippled and could plummet to than less one-tenth of its 1.20 million production capacity in a few […]