Libya’s crude oil exports have shrunk by 92 percent and the National Oil Corporation has lost some $5 billion since the start of the oil blockade early this year, the Libyan state energy company said in a statement cited by local media and Reuters. A group of paramilitary formations affiliated with General Khalifa Haftar’s Libyan National Army occupied Libya’s oil export terminals in January 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 the company’s chairman Mustafa 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. As […]