The blockade, which is being struck by groups in southern and eastern Libya due to political demands, caused the corporation to declare a state of force majeure on production from several major fields and ports in recent days.
The work of the first fields stopped on Sunday, followed by another on Monday and Tuesday.
Libyan oil production
Libyan oil production had reached the level of 1.557 million barrels per day in 2009, but fell sharply to 462,000 barrels per day in 2011, which was translated into an economic contraction of about 66.7% in the same year, before recovering in subsequent years.
Since 2017, Libya’s crude oil production has followed an upward trend, increasing from 811,000 barrels per day to 951,000 barrels the following year, before recording 1.097 million barrels per day in 2019.
It is noteworthy that Libya is a member state of the Organization of Petroleum Exporting Countries. An agreement between OPEC + countries exempted Libya from setting a production ceiling, like other countries.
Oil reserves in Libya
Libya has the largest proven reserves of crude oil in Africa, and until the end of 2020, Libya had 48.4 billion barrels of proven crude oil reserves, according to BP data, equivalent to a share of 4.1% of the reserves of the Organization of Petroleum Exporting Countries.
Libya occupies the seventh place in the list of the largest countries in the Organization of Petroleum Exporting Countries in terms of oil reserves, according to data published on the OPEC website.
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