Libya's Oil Production Set to Rebound as Biggest Field Reopens - Bloomberg

Libya's Oil Production Set to Rebound as Biggest Field Reopens - Bloomberg:

"Libya’s crude production rebounded to about 660,000 barrels a day as the OPEC nation’s biggest oil field resumed output after about a week of disruption.

Force majeure on the Zawiya export terminal was lifted after pumping resumed Sunday at Sharara, the nation’s biggest oil field, Mustafa Sanalla, chairman of Libya’s state-run National Oil Corp., said Monday by phone. Libya’s overall production is 660,000 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. Libya’s output had dropped to about 500,000 barrels a day last week when production was halted at Sharara, according to the same person.

Libya, with Africa’s largest oil reserves, is struggling to recover from years of conflict between rival governments and militias. Its production was exempted from the Organization of Petroleum Exporting Countries’ production cuts, because of its internal strife. Some OPEC members and non-members are calling for the production cuts to be extended beyond June."



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