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.

 

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