Libya's biggest oil field is reopening for business, oil prices set to fall?
|Bloomberg quoting a person familiar with the matter, citing that Libya’s biggest oil field Sharara, reopened for business and increased output to 230,000 barrels a day Tuesday from 200,000 barrels on Sunday.
The oil field was closed last week because of security threats. However, pumping was interrupted for “hours” last week after armed protesters shut some facilities.
Also Tuesday, the Zueitina port resumed loading operations, Merhi Abridan, head of the Zueitina Worker’s Union, said by phone.
With the resumption of production, it remains to be seen whether the renewed upside in oil prices sustains. Meanwhile, both crude benchmarks are up nearly +0.50% on the back of a drawdown seen in the US API crude stockpiles.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.