Libya shuts down another 200,000 barrels a day of oil production – Bloomberg

Dhwani Mehta FXStreet

Libya’s state-owned National Oil Corp. said over the weekend that its oil output is expected to drop by another 200,000 barrels a day (bpd) over the next week, as the main pipeline linking the eastern Samah and Dhuhra fields to the country’s biggest export terminal, Es Sider, will be shut for maintenance, per Bloomberg.

This comes less than two weeks after militias shut down the OPEC member’s biggest field, Sharara, causing output to fall by around 350,000 barrels a day.

The closures will reduce Libyan production to about 700,000 barrels a day, the lowest in more than a year.

Market reaction

Oil prices are licking their wounds this Monday, underpinned by the above news. WTI is trading at $75.28, almost unchanged on the day, as of writing.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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