Libya’s Oil Production Has Now Slumped by 700,000 bpd

Libya’s crude oil production slumped by 700,000 barrels daily as of Thursday as the eastern government of the country began to shut down oil fields in an escalation of the internal political fighting that Libya has been locked in since 2011. The current production rate in the country is below 600,000 bpd at the moment, Reuters reported, citing Libya’s National Oil Corporation. Last month’s daily average stood at 1.18 million barrels daily, the report noted. Per information from petroleum engineers working in Libya’s oil…