An armed militia in Libya has prevented maintenance work from being carried out on the Sharara field.
Libya’s production has fallen to 122,430 barrels per day as of February 23, the country’s National Oil Corp. (NOC) has said.
Libya’s National Oil Corp. (NOC) has shuttered its Zawiya refinery on February 8, triggering a shutdown at the Sharara field.
The Libyan National Army’s (LNA) decision to halt exports from a number of ports brings more pressure to bear on the Tripoli-based Government of National Accord (GNA) but does little to upset the international oil market.
As world powers met in Berlin to hash out a way forward in Libya, local pressures in the North African state took virtually all of its oil production offline.
The civil war in Libya is escalating as mercenaries, supplied by Turkey, have been mobilised to support the Tripoli-based Government of National Accord (GNA).
Revenues from Libya’s oil are falling, the National Oil Corp. (NOC) has said, and may fall “precipitously” if the government does not cover the agreed budget.