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Hit to Libya’s Oil Output Takes Some Heat Off OPEC

  • Output falls 361,000 barrels a day, or 35 percent from July
  • ‘Gangsters’ shut biggest oil field, two other deposits: NOC
Valve control wheels are seen on pipes at the Zawiya oil refinery near Tripoli, Libya, on Monday, Aug. 29, 2011. Crude exports from Libya are likely to remain limited regardless of how quickly the country's civil conflict ends, curbing declines in the price of Brent oil.
Photographer: Shawn Baldwin/Bloomberg

Libya’s oil production has dropped by 361,000 barrels a day, equal to 35 percent of output last month, taking some of the heat off of OPEC’s struggle to reduce a global glut.

The North African country’s lost production is worth $160 million since Aug. 19 as “gangsters” took over pipelines and facilities that forced the shut down of the Sharara field, the nation’s biggest, and the Hamada and El Feel, or Elephant, deposits, according to state-run National Oil Corp. The drop puts output at about 660,000 barrels a day compared with the four-year high of 1.02 million barrels in July, according to data compiled by Bloomberg. That would be the lowest level since April, the data show.