• 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
  • 4 hours Long Range Attack On Saudi Oil Field Ends War On Yemen
  • 2 hours Will Uncle Sam Step Up and Cut Production
  • 8 hours In The Bright Of New Administration Rules: Immigrants as Economic Contributors
  • 9 mins Maybe 8 to 10 "good" years left in oil industry * UAE model for Economic Deversification * Others spent oil billions on terrorism, wars, lopping off heads * Too late now
  • 17 hours Domino Effect: Rashida Tlaib Rejects Israel's Offer For 'Humanitarian' Visit To West Bank
  • 17 hours Gretta Thunbergs zero carbon voyage carbon foot print of carbon fibre manufacture
  • 12 hours CLIMATE PANIC! ELEVENTY!!! "250,000 people die a year due to the climate crisis"
  • 23 hours NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
  • 17 hours Continental Resource's Hamm wants shale to cut production. . . He can't compete with peers.
  • 1 day Significant: Boeing Delays Delivery Of Ultra-Long-Range Version Of 777X
  • 1 day Why Oil is Falling (including conspiracy theories and other fun stuff)
  • 21 hours Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
  • 13 hours US Petroleum Demand Strongest Since 2007
Alt Text

The Bullish EIA Message Markets Have Overlooked

U.S. shale hasn’t just introduced…

Alt Text

Will Shale Rise From The Dead?

The shale oil business is…

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

Oil Field Disruptions Cost Libya 350,000 Bpd In Output

Recent disruptions of oil production in Libya have cost the country 350,000 barrels daily in lost output, the central bank of the country said, adding that the effects of these disruptions will force it to curb spending further even though it has been trying to avoid this.

Before the recent string of production disruptions, which were caused by militant blockades on pipelines carrying crude from three fields to export terminals, Libya was pumping over 1 million barrels of oil daily, eyeing 1.2 million bpd in output by the end of the year.

But earlier this month, the largest field in the country—Sharara—shut down, followed by El Feel and Hamada shutdowns last week as well. The Hamada field resumed production on Monday, Bloomberg reported, citing an unnamed source. It is, however, the smallest of the three, so most of the production that the recent attacks took offline remains offline.

The central bank of Libya also said in its statement that militant activity, protests, and production shutdowns have cost the country over US$160 billion in direct and indirect losses. Gross domestic product so far this year has fallen to US$14.07 billion (19 billion dinars) from US$83 billion (112 billion dinars) in 2012. The institution added that the current environment “more than at any other time before, requires greater effort to protect the only source of income for Libyans.”

Libya and its growing crude oil output became a major worry for OPEC in the last few months when attacks on fields and pipelines largely subsided, allowing the country holding Africa’s biggest oil reserves to recover its production to over 1 million barrels. Libya was exempted from OPEC’s production cut agreement, and its production increase has been seen by market participants as a headwind for international prices, along with U.S. shale though to a lesser extent.

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