Libya’s oil blockade is now entering its seventh month and the war-torn country’s oil output is hovering at just 100,000 barrels per day (bpd) instead of the pre-crisis 1.2 million bpd. Without a peaceful solution on the horizon, Rystad Energy is further pushing back its expected restart to the fourth quarter of 2020, a change that will help reduce the expected global production surplus to just 58.6 million barrels, or to about one-third of our previous forecast. In the most optimistic of scenarios, Libya’s 2020 exit production rate will be between 700,000 and 800,000 bpd. But this estimate itself carries downside ... (full story)