The new head of Libya’s National Oil Corp. has vowed to end a blockade, double crude production to 1.2 million barrels a day and protect existing contracts with foreign oil companies. “The first step I will take is to return to previous oil production rates before the closure, and it will be within a week,” NOC Chairman Farhat bin Qadara said in an interview with Bloomberg, hours after replacing long-serving oil boss Mustafa Sanalla. Libya, a member of the Organization of Petroleum Exporting Countries, has seen its production plummet by about 50% in recent months amid a power struggle between rival governments and chronic under-investment in infrastructure. Its retreat has exacerbated a supply shortage in oil markets, putting upward pressure on prices that have added to inflation across the globe. “We will abide by all contracts with partners and […]