• 3 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 7 minutes Saudi and UAE pressure to get US support for Oil quotas is reportedly on..
  • 11 minutes China devalues currency to lower prices to address new tariffs. But doesn't help. Here is why. . . .
  • 15 minutes What is your current outlook as a day trader for WTI
  • 6 hours Maybe 8 to 10 "good" years left in oil industry * UAE model for Economic Deversification * Others spent oil billions on funding terrorism, wars, suppressing dissidents * Too late now
  • 2 hours 'No - Deal Brexit' vs 'Operation Fear' Globalist Pushback ... Impact to World Economies and Oil
  • 23 hours Long Range Attack On Saudi Oil Field Ends War On Yemen
  • 10 hours In The Bright Of New Administration Rules: Immigrants as Economic Contributors
  • 6 hours Will Uncle Sam Step Up and Cut Production
  • 11 hours CLIMATE PANIC! ELEVENTY!!! "250,000 people die a year due to the climate crisis"
  • 3 hours Russia Accuses U.S. Of Stoking Tensions With Missile Test
  • 3 hours With Global Warming Greenland is Prime Real Estate
  • 3 hours Sad . . . Only thing that moves oil price up is an attack on Tankers or Oil Facilities (Staged or real?)
  • 2 hours Recession Jitters Are Rising. Is There Reason To Worry?
  • 12 hours Domino Effect: Rashida Tlaib Rejects Israel's Offer For 'Humanitarian' Visit To West Bank
  • 1 day Gretta Thunbergs zero carbon voyage carbon foot print of carbon fibre manufacture
  • 2 days Continental Resource's Hamm wants shale to cut production. . . He can't compete with peers.
  • 6 hours Get First Access To The Oilprice App!
  • 15 hours Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Libya Resumes Production At Largest Field Amid Rising Oil Prices

Libya’s largest oil field, Sharara, will resume production following a two-week halt, after a pipeline blockade ended yesterday. This is what an unnamed source from Libya’s oil industry told Reuters, with the Sharara to resume output today, according to Bloomberg.

The pipeline that was blocked feeds crude oil from Sharara to the Zawiya export terminal. The armed group responsible for the latest blockade, which began on August 19, was one led by Ashraf Al-Gurj—the leader of an organization from Zintan that calls itself the Reyayna Patrol Brigade. The same group was behind the August shutdown of another two fields as well, El Feel and Hamada. The three shutdowns cost Libya 360,000 bpd in lost output, the National Oil Corporation said at the time.

Al-Gurj’s group claims they are fighting for more investments by NOC in Zintan but according to Libyan media, the more likely reason for the blockades is the release of Al-Gurj’s cousin, who is being held in custody on charges of smuggling.

Sharara produced 280,000 bpd before the August blockade, which was the latest in a string of similar events that had a crippling effect on Libya’s recovering oil output. Before the last shutdown at Sharara, the country was producing around 1.1 million barrels daily. This was still short of pre-2011 levels, when Libya produced about 1.6 million bpd, but on the way to 1.2 million bpd – the daily production figure NOC announced it will be striving for earlier this year.

While oil production recovery has been positive for Libya, it has been a problem for the country’s OPEC partners. When the cartel agreed to take off 1.2 million bpd from global supply, Libya was exempted because of its political and militant group woes. Over time, its rising production began to pressure prices, offsetting the cuts that other OPEC members made.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play