Libya’s state-owned National Oil Corp. warned July 7 the country’s crude oil output could halve in the coming years unless the ongoing blockade on its eastern terminals is lifted soon. NOC chairman Mustafa Sanalla warned of the “permanent” damage to the country’s oil sector from both a budgetary and technical perspective, which will have severe repercussions on its future output capacity. Sanalla cautioned that Libya’s crude production could slump to 650,000 b/d, “in the absence of an immediate restart of oil production and because of the state’s failure to provide the requested budgets to address the many challenges resulting from the blockade.” Prior to the January […]