Libya confirms restart of its largest oil field

29 Apr 2017   Libya

Libya’s national oil company said there may be long-standing agreements in place to keep the taps open in the company to the tune of 200,000 barrels per day. Crude oil prices, which have been drifting deeper into negative territory for several straight sessions, faced further headwinds in early Thursday trading after reports surfaced that Libya was on the rebound. Referencing “a person with direct knowledge of the matter,” Bloomberg News reported Libya’s largest oil field, Sharara, had re-opened. Libya’s National Oil Corp. confirmed the restart with an announcement late Thursday that it was considering an understanding reached between regional leaders and security groups to keep the field open unconditionally, “restoring over 200,000 barrels per day of Libyan oil production with […]

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