Political Turmoil Could Plague Libya’s Oil Exports All Year Long

While the oil market is looking for clues about losses of supply from Russia, the perennial wild card in crude production globally, Libya, has seen its output swing up and down again over the past weeks.   The return of blockades on oilfields and export terminals amid renewed political rivalry is depriving the market of some of Libya’s oil production at a time of tight global supply. This market tightness is likely to tighten further when the EU embargo on seaborne Russian oil imports officially begins at the end of this year. …