The worldwide oil surplus seems to be putting a squeeze on Libya. That controversial North African state grudgingly dropped its oil price from OPEC and non- OPEC producers are beginning to charge, say oil industry sources.
Now some of Libya's buyers are going elsewhere. British Petroleum has suspended its 55,000 barrels-per-day (b.p.d.) contract. Conoco and Occidental are considering doing likewise.
From 1.6 million b.p.d. early this year, Libyan output has fallen to 1 million and could continue down to 650,000.m