Libyan oil exports set to increase as blockade is lifted

Oil

The commander of the Libyan National Army (LNA) has announced that he will immediately lift his oil blockade for a month following an agreement with the internationally recognised Government of National Accord (GNA) which will fairly distribute energy revenue, Reuters report. The blockade has been in place since January, and has reduced Libya’s oil output from 1.2M b/d to around 100K b/d, adding increasing financial pressure onto both sides of the conflict. It is currently unclear how quickly Libya would be able to ramp up production however, as Libya’s National Oil Corporation (NOC) has since stated that it will not lift force majeure on oil exports until all of the LNA’s forces are withdrawn from its facilities.