Libya could tip the market into oversupply
Libya is a major wild card in the global oil market.
In late 2018, Libya was producing 1.2 million barrels of oil per day. That fell to 800K bpd at the start of this year as the civil war ramped up. Currently, exports are minimal because of a blockage by Haftar’s forces.
The general announced that exports could resume under a revenue-sharing deal but it’s not clear how much crude is going to move.