• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 2 days GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 2 days Even Shell Agrees with Climate Change!
  • 8 days America should go after China but it should be done in a wise way.
  • 3 days How Far Have We Really Gotten With Alternative Energy
  • 4 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 4 days World could get rid of Putin and Russia but nobody is bold enough
  • 7 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
Oil Prices Set to Rise as Global Stock Refills Ramp Up

Oil Prices Set to Rise as Global Stock Refills Ramp Up

China's increased oil inventory building,…

Traders Cautiously Optimistic About Crude

Traders Cautiously Optimistic About Crude

In the forthcoming week, traders…

Dave Forest

Dave Forest

Dave is Managing Geologist of the Pierce Points Daily E-Letter.

More Info

Premium Content

Oil Prices Fall As Libya’s Biggest Oil Field Comes Back Online

More drama in embattled oil producer Libya this week. With reports suggesting the country’s largest oil field has once again been endangered by local fighting. 

Reuters reported early Monday that production at the Sharara field was grinding to a halt. With local sources saying that a key control room at the facility had been shut down.

The reason for the closure wasn’t immediately clear. But Reuters did cite persons familiar with the situation as saying that an armed group had taken action against the facility — potentially resulting in the shutdown. 

At the time, sources said that Sharara’s output was likely to decline to zero due to the problems at the control room. But reports emerged later in the day saying the problem had been fixed, and that production was now returning to normal. 

Those reports confirmed that an armed group had been involved in action against the infrastructure here. With Libya’s National Oil Company saying, “The armed protesters were evacuated from the control room, pumping returned to its natural level and production is being restored.”

All of which is potentially critical news for the global crude market. With Sharara being the biggest part of Libya’s recently-surging oil production — putting out 270,000 barrels per day of Libya’s total 1 million b/d output. Related: Barclays: Oil Prices To Drop This Quarter

It looks as if problems here have been averted for the time being. But these events show things are still tenuous in Libya’s oil sector — evidenced by the fact an armed group was able to take over one of the country’s key installations, even briefly. 

If ongoing problems do present here, it could put a significant dent in crude supplies — giving support to the oil price. Watch for reports on any new issues over the coming weeks and months. 

Here’s to a smooth return.

By Dave Forest

ADVERTISEMENT

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News