PARIS – Unrest in Libya has almost wiped out production in its key oil sector, slashing output by 1.4 million barrels a day to under 300,000, the head of French oil giant Total indicated. “Oil production in Libya must have fallen to between 200,000 and 300,000 barrels a day maximum,” the chief executive of Total, Christophe de Margerie, told reporters in Paris. “There are about 1.4 million barrels a day less” than normal, since the start of an uprising against Libyan ruler Moamer Kadhafi which has led to heavy fighting between his forces and rebels.
Margerie’s was the most severe estimate yet of the impact of the fighting on oil production. The International Energy Agency (IEA) on Thursday said it had shot “well below” the official Libyan estimate of 500,000 barrels per day. Libya was producing 1.69 barrels a day before the unrest, according to the IEA. Of this 1.2 million were exported, mostly to Europe. Other big customers are China and the United States
