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Home›Normal Value›Libyan oil production slumps after wave of shutdowns

Libyan oil production slumps after wave of shutdowns

By Thomas Heikkinen
June 14, 2022
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A general view of the El Sharara oilfield, Libya December 3, 2014. REUTERS/Ismail Zitouny/

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TRIPOLI, June 14 (Reuters) – Libyan oil production is 100,000 to 150,000 barrels per day (bpd), an oil ministry spokesman said on Tuesday, a fraction of normal levels due to facility closures of production and export as a tactic in the country’s political stalemate.

Libyan oil production last year was more than 1.2 million bpd and the production cut is adding pressure to markets already squeezed by tight supplies elsewhere.

The oil ministry spokesman said Libya faced a daily loss of export revenue of $70-80 million due to the shutdowns. The National Oil Corporation has not recently commented on oil production.

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The political dispute over government control that prompted the shutdown is showing signs of escalating, making any swift return of Libyan oil to world markets uncertain.

Tripoli-based Prime Minister Abdulhamid al-Dbeibah refused to hand over power to Fathi Bashagha, who was appointed to replace him in the east-based parliament in March.

Groups at the oil installations demanded that Dbeibah resign in favor of Bashagha. Analysts say the main force behind the blockade is eastern commander Khalifa Haftar’s Libyan National Army (LNA). He did not comment on the accusation, but LNA figures called for an oil shutdown in April.

Production at the Sharara field, Libya’s largest, briefly resumed last week before being halted again.

The current status of several facilities remains unclear after last week when groups said they closed the Ras Lanuf and Es Sider terminals and threatened to close the Hariga terminal, leading to a reduction in production from the Sarir field. .

Despite these statements, one tanker was allowed to complete loading at Es Sider on Thursday and another was allowed to dock on Tuesday, although it is unclear whether it was allowed to load.

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Reporting by Ahmed Elumami and Angus McDowall; Editing by Frank Jack Daniel and Marguerita Choy

Our standards: The Thomson Reuters Trust Principles.

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