• 2 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 5 minutes The Inconvenient Truth Of Electric Cars
  • 8 minutes Iran downs US drone. No military response . . Just Destroy their economy. Can Senator Kerry be tried for aiding enemy ?
  • 50 mins Here we go folks, the wish of so many: Pres. Trump threatens to lessen US security role in Strait of Hormuz, unveils sanctions
  • 3 hours Climate change & Wildfires: More Wildfires To The Western U.S., Will Affect Tens Of Millions Of People
  • 47 mins The Plastics Problem
  • 6 hours Hard To Believe: UAE Will Work To Defuse Middle East Tension
  • 8 hours Oil Demand Needs to Halve: Equinor
  • 3 mins Wonders of Shale - Gas, bringing investments and jobs to the US
  • 4 mins Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 2 hours Looks like Trump is putting together a "Real" Coalition to protect Persian shipping lanes. Makes perfect sense. NO Fake "Coalition's of the Willing" UPDATE REUTERS Pompeo "Sentinel Program"
  • 4 hours Cherry Picking Climate Data
  • 14 hours Solar Panels at 26 cents per watt
  • 8 hours Green vs. Coal: Bavaria Seeks Fast-Track German Coal Exit in Snub to Merkel Plan
  • 16 hours Hydrogen FTW... Some Day
  • 17 hours Here We Go: New York Lawmakers Pass Aggressive Law To Fight Climate Change
Alt Text

Oil Industry Banks On Shaky Plastic Bet

Oil companies are hedging the…

Alt Text

Bullish EIA Data Pushes Oil Prices Higher

After two consecutive weeks of…

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