Libyan oil output plummeting

TRIPOLI, Libya, June 9 (UPI) -- The Libyan government estimates crude oil exports are below 200,000 barrels per day because of ongoing internal political issues.

The government said oil exports from the state-run National Oil Co. were 24.2 million barrels of oil for first quarter 2014. While on average, the rate is more than 200,000 bpd, the government said lingering stalemates with federalists pushed the recent daily rate even lower.

Optimism over a rebound in the Libyan oil sector increased in April when the NOC announced it lifted an emergency declaration on oil operations at its Zueitina terminal in the east of the country, where anti-government forces have control.

John Kingston, director of news operations for the Platts energy reporting agency, told Voice of America it appears Libyan oil exports have all but stopped and there is "no good news" coming from a nation that once produced about 1.6 million bpd.

"It can't get much worse in terms of supply," he said Friday.

He added it was unclear who was in charge of Libya's oil fields.