Libya Has Limited Oil Production at the Largest Field
After limiting production at Libya‘s largest Sharara field, the indicator fell by 30 thousand barrels per day to 230 thousand barrels per day as of the evening of August 3.
Libya has begun a partial shutdown of production at its largest oil field, Sharara, Bloomberg reported, citing three sources directly familiar with the progress of the work.
Production there fell by 30 thousand barrels per day, to 230 thousand barrels per day as of the evening of August 3, after operators received orders to reduce production. The field is a joint venture of the state oil company National Oil, French Total, Spanish Repsol, Austrian OMV and Norwegian Equinor.
Oil production in Libya is often affected by political conflict, when armed groups or protesters periodically close energy facilities, putting forward their demands, Bloomberg writes. Earlier, Reuters reported, citing two sources who work as engineers, that local protesters partially blocked the Sharara field.
Libya has the largest oil reserves in Africa, and at the beginning of 2020, the volume of proven crude oil reserves was estimated at 48.4 billion barrels. The country is a member of OPEC, but does not participate in the current OPEC+ agreements to reduce oil production. According to OPEC, oil production in Libya in June was 1.2 million barrels per day, which is higher than in April and May.
