As the 2019-nCoV coronavirus continues to wreak havoc on the oil markets, dropping oil prices more vehemently and abruptly than the 2003 SARS outbreak did, the current plight of Libya has been somewhat underreported. Once perceived as the wildcard of OPEC+ production cuts, Libyan oil output has plummeted sixfold to less than 0.2mbpd in less than two weeks as the production and export closure imposed by Field Marshal Khalifa Haftar continues to strangle Libya’s capacities. With Libya’s export terminals placed into force majeure regime, storage capacities at ports like Es Sider or Ras Lanuf (where aggregate storage possibilities do not exceed 2MMbbls) filled up very soon, compelling oil producers to halt production as well, unable to store it anywhere. Can it get any worse than now? The narrative of the ongoing Libyan force majeure situation is fairly straightforward. As the fate of Libya suddenly turned into one of the […]