Global oil market analysts are carefully watching the latest news emerging from Africa’s (potentially) largest oil producer. In an unexpected move, Libya’s National Oil Corporation (NOC) stated lifted the force majeure on crude exports from its key terminals. The national oil company indicated that it expects a gradual revamp of production, but emphasizes that overall production levels will be less than 50 percent of its historic highs. The company indicated that significant damage to reservoirs and oil and gas infrastructure in the country, caused by the blockade that has been in place since mid-January 2020, has left a segment of its production at risk. The removal of the force majeure by NOC surprised many observers as the security situation in the country doesn’t appear to be improving. The move has left some analysts wondering if NOC has been able to set up a deal between the UN-supported GNA government […]