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Libya's ~270kbd Sharara Halts Production on Monday

OIL

Libya’s biggest field, the ~270,000 bpd Sharara, has halted production on Monday according to Bloomberg sources.

  • The sources had reported earlier Monday that it looked like production was going to be halted following the employees receiving orders to trim output on Saturday.
  • The details around the orders are not clear but Libya’s recognized government referred to it as “political blackmail,” without providing further context.
  • Libyan production halts in the past have typically prompted crude prices higher but have had limited impact over more wider arching sell off themes across energy and equities on Monday.
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