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FX.co ★ Libya halts production at its major oilfield

Libya halts production at its major oilfield

Libya halts production at its major oilfield

Production at the major Libyan oilfield of Sharara has been stopped just a week after reopening from an earlier halt, Bloomberg said citing sources familiar with the matter.

The pipeline that pumps crude from Sharara to the Zawiya refinery stopped operating on April 9. The reasons behind the temporary output and shipments halt are unknown.

Earlier this month, the National Oil Corp. (NOC) announced a production cut at the Sharara oilfield to 200,000 barrels a day, declaring force majeure.

According to analysts, the fresh interruptions in the operation of the pipeline could affect the production in Libya which recently returned to the normal level about 700,000 barrels a day.

The Sharara oilfield is operated by the NOC and Repsol SA, Total SA, OMV AG and Statoil ASA. The field’s total capacity is 330,000 barrels a day.

On April 10, the crude oil price rose after the information about the production halt at Sharara was unveiled. June Brent crude on London's ICE Futures exchange rose by $0.44 (0.8%) to $55.68 a barrel. March WTI crude oil futures on NYMEX rose by $0.36 (0.69%) to $52.60 a barrel.

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