Libya’s port blockade is set to keep the North African country’s oil off the market until at least the fourth quarter of 2020, which, as devastating as it will be for Libyan oil revenues, could help reduce the expected global production glut by 65 percent, Rystad Energy said on Friday. Currently, oil production in Libya is around 100,000 barrels per day (bpd). This figure is dramatically down from 1.2 million bpd at the start of the year, just before paramilitary formations affiliated with the Libyan National Army (LNA) of eastern Libyan strongman General Khalifa Haftar occupied Libya’s oil export terminals and oilfields. With Libya’s conflict escalating, the country’s crude oil exports are expected to be just 1.2 million barrels in August, a 40-percent plunge from July, Bloomberg reported earlier this week, citing an initial loading program it has seen. With no immediate return of Libyan oil on the market, […]