Oil output in Libya has plunged since January 18 due to a blockade of ports and fields.

Production in Libya averaged 760,000 barrels per day during January, compared to 1.15 million barrels per day in December.

On average, the 13-member Organization of the Petroleum Exporting Countries pumped 28.35 million barrels per day this month, with an increase of 640,000 barrels per day compared to December.

Despite the drop in supply, crude prices slipped to below $60 a barrel on concern that the coronavirus outbreak may cut China’s oil demands.