An oil export terminal blockade that led to the shut down of fields and refineries has so far cost Libya close to $4 billion, the National Oil Corporation said in a statement this week, adding that production was now down to below 100,000 bpd, at 89,993 bpd as of Sunday. “NOC calls on all parties within Libya to lift the blockade and re-start oil and gas production, so every Libyan can benefit from a stronger economy and a more steady supply of fuels,” the statement read. Unfortunately, this could not have come at a worse time. The rest of OPEC and even non-OPEC producers such as Norway and Canada are considering oil production cuts in response to the oil price plunge that followed Saudi Arabia’s announcement of plans in early March to turn the taps on and up supply to 12.3 million bpd from this month. A group of […]