• 4 minutes China 2019 - Orwell was 35 years out
  • 7 minutes Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 11 minutes Trump will capitulate on the trade war
  • 14 minutes Glory to Hong Kong
  • 4 hours PETROLEUM for humanity 
  • 4 hours Why don't the other GOP candidates get mention?
  • 4 hours Disenfranchised people are angry people - map of global electoral systems
  • 4 hours Bloomberg: shale slowing. Third wave of shale coming.
  • 3 hours Brexit agreement
  • 42 mins Yesterday Angela Merkel stopped Trump technology war on China – the moral of the story is do not eavesdrop on ladies with high ethical standards
  • 13 mins China's Blueprint For Global Power
  • 11 hours ABC of Brexit, economy wise, where to find sites, links to articles ?
  • 13 hours Erdogan Holds All The Cards ... 3.6 Million Of Them
  • 9 hours Spain Is On The Edge...Clashes Between Catalonia And "Madrid"
  • 11 hours 5 Tweets That Change The World?
  • 12 hours Philadelphia Energy Solutions seeks to permanently shut oil refinery - sources
Alt Text

OPEC Chief Hints At Deeper Cuts In December

OPEC Secretary Mohamed Barkindo has…

Alt Text

Short Covering Halts Oil Price Rout

U.S. West Texas Intermediate and…

Alt Text

Oil Prices Tank On Global Recession Fears

Oil prices fell once again,…

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

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