Reuters reports that Libya has just declared force majeure on its oil exports. As a reminder, Libya exports (under non-force majerue conditions) about 1.5 million barrels per day. That's a lot of barrels, especially for Italy which relies on 425,000 barrels a day from Libya to keep its economy going.
Libyan oil is generally light (high API gravity) and sweet (low sulfur content). The country's nine export grades have API gravities that range from 26.0o to 43.3o. While the lighter, sweeter grades are generally sold to Europe, the heavier crude oils are often exported to Asian markets.