Libya's oil production has fallen by 90% to 100 000 bbl per day

Libya's oil production has plummeted by 90% (1.1 million bbl per day) to just 100 000 bbl per day. This was reported by Bloomberg, citing Oil Minister Mohamed Oun.

"Oil and gas production in eastern Libya has been almost completely halted amid a political crisis and the closure of a large number of fields and ports," the statement said.

Also, according to Oun, only one field with a capacity of 40 thousand bbl per day operates daily. Other deposits and ports in the country are gradually being closed.

The declining supply will limit the global oil market even more. The fall in production in Libya has already led traders to pay a surcharge for Brent oil from the North Sea, which is similar in quality to the Libyan oil.