• 5 minutes 'No - Deal Brexit' vs 'Operation Fear' Globalist Pushback ... Impact to World Economies and Oil
  • 8 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 12 minutes Will Uncle Sam Step Up and Cut Production
  • 4 hours China has invested btw $30 - $40 Billon in Canadian Oil Sands. Trump should put 10% tariffs on all Chinese oil exported into or thru U.S. in which Chinese companies have invested .
  • 53 mins Tit For Tat: China Strikes Back In Trade Dispute With U.S. With New Tariffs
  • 2 hours Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
  • 14 hours Iran Is Winning Big In The Middle East
  • 13 mins It's Not the Job of the Government to Dictate Where Businesses Should Go
  • 11 hours Strong, the Strongest: Audi To Join Mercedes, BMW Development Alliance
  • 14 hours IS ANOTHER MIDDLE EAST WAR REQUIRED TO BOLSTER THE OIL PRICE
  • 1 day Trump cancels Denmark visit amid spat over sale of Greenland
  • 15 hours Not The Onion: Vivienne Westwood Says Greta Thunberg Should Run the World
  • 24 hours OPEC will consider all options. What options do they have ?
  • 12 hours Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 8 hours Recession Jitters Are Rising. Is There Reason To Worry?
  • 14 hours Philadelphia Energy Solutions seeks to permanently shut oil refinery - sources
Alt Text

Oil Prices Steady As EIA Reports Small Crude Draw

Oil prices were mostly unaffected…

Alt Text

Oil Plunges On Trade War Escalation

Oil prices plunged on Friday…

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 Markets On Edge As Libya Brings Back 250,000 Bpd

Crude oil production at the Sharara field in western Libya – the country’s biggest – has resumed, an anonymous source told Reuters, and the force majeure that the National Oil Corporation had placed on the field could be lifted today.

Last week, unnamed armed factions had blocked production at the Sharara and Wafa fields in western Libya, cutting the country’s total output by 252,000 bpd. Sharara alone produced 220,000 bpd before the shutdown, making up a huge chunk of Libya’s overall 700,000-bpd production. It started pumping oil after a two-year pause last December.

When Sharara was restarted in December 2016, NOC said that it planned to increase output from it to the 330,000 bpd it pumped before the civil war, aiming for a national total of 900,000 bpd in the next few months and 1.1 million bpd at the end of 2017.

The anonymous source told Reuters that the latest shutdown of the field was due to armed militia who blocked the pipeline that fed crude from Sharara to the Zawiya export terminal. After intervention from NOC’s chairman Mustafa Sanalla, the militia men agreed to release the pipeline, so the oil flow could be resumed.

The pipeline that caused the latest force majeure used to be under the control of the Petroleum Facilities Guard, which held it, like the four oil terminals in the Oil Crescent, as bargaining chips with the authorities. The PFG relinquished control of the pipeline last December, three months after it left the four oil terminals, surrendering control over them to the Libyan National Army.

Last month saw fresh clashes between the LNA and another group, the Benghazi Defense Brigades, which temporarily froze operations at two of the ports, Es Sider and Ras Lanuf, shutting down several fields that fed crude into the terminals. Although these have since reopened, the political situation in Libya remains highly unstable, and future disruptions to oil supply are very likely. Related: Russia Reaches 2/3 Of Oil Output Cut Target

Before the 2011 war, Libya pumped 1.6 million barrels of crude daily.

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