Libya resumes oil production after political crisis

Libya resumed full oil production on Thursday, bringing an estimated 700,000 barrels per day back to the global market after a dispute between rival political factions was resolved. The National Oil Corporation announced that all orders to halt operations at Libyan oilfields and terminals have been lifted. Libya typically produces around 1.2 million barrels of crude per day, but output had dropped to less than 450,000 barrels per day since August.