Oil has had a strong start to the day, with ICE Brent touching US$66/bbl in early morning trading, following reports that forces loyal to Commander Haftar in Libya blocked oil exports, as fighting in the country continues. The blockade has seen the National Oil Corporation (NOC) declare force majeure, and warn that production could fall to just 72Mbbls/d in the coming days once storage tanks are full. Prior to the blockade, Libya was producing around 1.2MMbbls/d. A prolonged disruption from Libya would be enough to swing the global oil market from surplus to deficit in 1Q20. While, if a disruption of this magnitude ... (full story)