Libya’s Biggest Oil Field Sharara Fully Halts Production
- Field was producing nearly 270,000 b/d prior to shutdown
- Nation’s energy infrastructure has faced repeated disruptions
An oil terminal near Zueitina, Libya
Photographer: Abdullah Doma/AFP/Getty ImagesThis article is for subscribers only.
Libya’s biggest oil field halted production on Monday after the operator was forced to gradually cut output over the weekend, according to two people familiar with the operations.
Output at Sharara in southern Libya has now stopped completely, down from nearly 270,0000 barrels on Saturday when employees received orders to trim output, according to the people, who asked not to be identified as they aren’t authorized to speak to the media. Oil prices rebounded following the news, with Brent crude paring an earlier loss to trade 0.72% lower at $76.26 a barrel as of 3:14 p.m. in London.