Repeated shutdowns of Libya’s oil facilities amid a civil war could leave the country producing at just half its total capacity in the coming years, the National Oil Corp. said. The OPEC member is “on track for a precipitous decline over the next year and a half as a result of the illegal blockades,” the state oil firm said Tuesday in a statement. “Continuing the blockade only makes our long-term problems worse. It is vital that we resume oil production as soon as possible.”
Libya’s Oil and Gas Network
OPEC nation has Africa’s biggest crude reserves
Source: U.S. Energy Information Administration
The NOC has previously said talks involving the U.S. and regional powers are underway to allow output to resume. On Wednesday, the company said it’s ready to lift force majeure from its eastern Es Sider port to allow a tanker to load crude from storage, asking “foreign mercenaries and armed groups to leave the biggest oil terminal immediately.”