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Crude Rises on Libyan Production Shutdown

OIL

Crude markets are extending gains but remain well below yesterday’s highs, supported by a shutdown of Libya’s largest oil field due to protests in the region as well as overall tension within the Red Sea ranging from US attacks on Houthi ships to an Iranian warship entering the area are offering upside.

    • Brent MAR 24 up 0.8% at 76.5$/bbl
    • WTI FEB 24 up 0.7% at 70.85$/bbl
  • A Bloomberg headline said “Libya's Sharara oil field starts full shutdown after protests.”
  • Shortly before, Libya’s National Oil Corp has warned that it may have to close the country’s largest oil field, the Sharara with production of around 300kbpd, because of protestors which may lead to force majeure on exports.
  • Protests at Libya’s Sharara and El Feel oil fields started on Tuesday and protestors announced to shut down production at both fields according to the news outlet Alwasat.
  • Libyan observed crude and condensate exports rose to 1.09mn bpd in December, up from 1mn bpd in November according to Bloomberg tanker tracking.
Energy BulletsCommodities
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