Libya’s Oil Output Drops After Biggest Field Closes

29 Mar 2017   Libya

Libya’s biggest oil field was said to stop producing, leading to a 20 percent decline in crude output from the country with Africa’s largest reserves. The OPEC nation’s output dropped to 560,000 barrels a day, according to a person familiar with the matter who isn’t authorized to speak to the media and asked not to be identified. The North African country was pumping 700,000 barrels a day, Mustafa Sanalla, chairman of state-run National Oil Corp., said on March 22. Oil prices rose as much as 2.2 percent. The pipeline carrying crude from Sharara, Libya’s biggest field, to the Zawiya refinery stopped operating, the person said. It wasn’t clear why the pipeline was shut. The NOC didn’t respond to calls seeking comment. The NOC declared force majeure on loadings of Sharara crude from the Zawiya oil terminal and on loadings of Wafa field condensate from the Mellitah terminal, according to […]

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