Libya's oil output falls more than half due to political standoff

More than half of Libya's oil production, or about 700,000 barrels per day, was offline earlier this week, that’s according to Reuters. Exports were halted at several ports as an impasse between rival political factions over the central bank and oil revenue threatens to end a four-year period of relative peace.

Libya's National Oil Corp, which controls the country's oil resources, said that the average oil output stood at 591,024 barrels on Wednesday Aug. 28. Libya pumped about 1.18 million barrels per day in July.