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In 2010 Libyan oil production topped 1.6 million b/d, 9 years on and crude output since has struggled to come close to sustaining anywhere near that. In 2018, it seemed like progress had been made and looked promising with production averaging almost 1 million b/d, showing signs of a potential road to recovery. With the country effectively split in two and rebel groups holding significant power - both in the east and west - oil facilities have at times been used as monetary and political bargaining tools for different groups to appropriate power. The latest issue concerns the shutdown of Libya’s largest oilfield, El Sharara, which can produce 340,000 b/d and has been offline since December. If Libya wants to fulfil its potential, protecting these oilfields from insurgents will be key.
The weekly tanker market report by Gibson Shipbrokers features an overview of the crude oil and oil product tanker market.
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