• 5 minutes Rage Without Proof: Maduro Accuses U.S. Official Of Plotting Venezuela Invasion
  • 11 minutes IEA Sees Global Oil Supply Tightening More Quickly In 2019
  • 14 minutes Paris Is Burning Over Climate Change Taxes -- Is America Next?
  • 5 hours Waste-to-Energy Chugging Along
  • 4 hours U.S. Senate Advances Resolution To End Military Support For Saudis In Yemen
  • 12 hours Contradictory: Euro Zone Takes Step To Deeper Integration, Key Issues Unresolved
  • 7 hours Let's Just Block the Sun, Shall We?
  • 9 hours Venezuela continues to sink in misery
  • 1 hour Alberta govt to construct another WCS processing refinery
  • 9 hours What will the future hold for nations dependent on high oil prices.
  • 22 hours Zohr Giant Gas Field Increases Production Six-Fold
  • 4 hours Regular Gas dropped to $2.21 per gallon today
  • 18 hours UK Power and loss of power stations
  • 23 hours Global Economy-Bad Days Are coming
  • 3 mins Sane Take on the Russia-Ukraine Case
  • 21 hours No, The U.S. Is Not A Net Exporter Of Crude Oil
  • 18 hours EPA To Roll Back Carbon Rule On New Coal Plants
Alt Text

Oil Jumps On Trump-Xi Trade Truce

Oil prices jumped on Monday…

Alt Text

Citi: Oil Prices Are Going Nowhere Next Year

Brent crude could be stuck…

Dave Forest

Dave Forest

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

More Info

Trending Discussions

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

More Top Reads From Oilprice.com:




Back to homepage

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News