Energy

Khalifa Haftar, oil cuts, UAE airstrikes and Russian mercenaries

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Forces loyal to Libya’s UN-backed unity government arrive in Tajura, a coastal suburb of the Libyan capital Tripoli, on April 6, 2019, from their base in Misrata.

MAHMUD TURKIA | AFP | Getty Images

Libya has seen its oil production slashed by 75% in just one week as warring factions within the country attempt to use the key commodity to seize control.

Output from Africa’s third-largest oil producer has plummeted from around 1.2 million barrels per day (bpd) to just over 320,000 bpd, its state oil company said — an estimated loss of $256 million in revenue per day.

That’s thanks to pipeline closures and blockades of export terminals last week by rebel groups under the command of rogue…



Source cnbc.com

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