Libya’s Oil Production Restarts as Political Standoff Ends

Libya’s oil production is resuming on Thursday, the country’s Oil Minister Khalifa Abdul Sadiq told Bloomberg in an interview today, after more than a month of suspended output due to a political standoff between the eastern and western administrations in the North African OPEC producer. The end of this Libyan crisis will lead to the return of a few hundred thousand barrels of crude per day to the market, which is currently fearing a supply shock from the Middle East on the brink of an all-out war. Crude production at most Libyan oilfields has…