Libya’s Biggest Oil Field Continues Production

Libya’s Biggest Oil Field Continues Production

Libya’s crude oil output bounced back to 660,000b/d as the nation resumed production at its biggest oil field, which had halted operations for about a week, Bloomberg reported.

Libya’s state-run National Oil Corp’s Chairman, Mustafa Sanalla, added to Bloomberg that “force majeure on the Zawiya export terminal was lifted after pumping resumed earlier this week at Sharara.”

According to Oil and Gas People, Libya’s oil production had decreased from estimated 660,000b/d to about 500,000b/d late March, when the Sharara field suspended production.

The member of the Organization of Petroleum Exporting Countries (OPEC) holds Africa’s largest oil reserves. However, it is still battling the consequences of years of conflict between rival governments and militias. Due to the local struggles, the country was exempted from the OPEC deal to cut oil output.

In related news, some OPEC members and non-members called for the production cuts to be extended beyond June. Among the countries supporting the deal extention are Algeria, Kuwait, Venezuela, and Iraq.


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