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Further Oil Fields Shutting Across Libya

OIL

Libya’s eastern government announced on Monday it would shut down the country’s crude output and exports, prompting a surge in crude prices.

  • The authorities said in a statement on Facebook that a “force majeure” applies to all fields, terminals and oil facilities.
  • The east is home to the Sirte basin where most of Libya’s oil reserves and four of the country’s oil export terminals are located.
  • Waha Oil Co., which supplies Es Sider said on Monday it will start cutting shipments gradually.
  • The country produced a total of about 1.15 million barrels a day of oil last month.
  • Since then, the biggest oil field called Sharara, which was pumping nearly 270,000 barrels daily, has halted.
  • Latest header on situation: “*LIBYA EL-FEEL OIL FIELD SAID TO SHUT DOWN” – bbg (the field produces around 70kbd)
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