Libya Resumes Oil Production, Ending Crippling Crisis
- Eastern government orders all output and exports to resume
- Return of the halted production puts pressure on oil prices
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Libya resumed oil production on Thursday, returning hundreds of thousands of barrels a day to global markets after a political standoff in the OPEC member eased.
The nation’s eastern government, which had initially ordered the halt to output, has lifted the embargo, allowing all fields and export terminals to resume, according to a statement on its Facebook page. The largest field Sharara, where 260,000 barrels a day of supply shut before the political feud started in late August, has also resumed, people with knowledge of the operations said.