Technical problems cited
Libya is the wild card in global oil production. It is exempt from OPEC quotas and has large capacity to pump more.
What was revealed on the weekend was that Libya was producing 814K barrels per day compared to 700K at the end of April. That's the highest since October 2014. Before the 2011 uprising, the nation pumped as much as 1.6 mbpd.
Today, however, we learned that production has fallen back to 739K bpd 'due to technical problems, according to Reuters.
