Libya's largest oil field Sharara has restarted operations and may resume production later Wednesday, a manager at the facility said, the latest sign of improvement in Libya's troubled oil sector.
The news come after Libya lifted force majeure on two Eastern terminals that amount to nearly half of its exports capacity following a deal with rebels that had occupied them.
The pipeline connected to the 340,000-barrels-a-day Sharara oil field, where Spain's Repsol SA is a partner, reopened after protests ended there, said the manager, who declined to be named.
He added that, once production has restarted, exports could take a week to restart because the oil flows will first have to supply the Zawiya refinery.
|November, 17, 19:55:00|
|November, 17, 19:50:00|
|November, 17, 19:45:00|
|November, 17, 19:40:00|
|November, 17, 19:35:00|
|November, 17, 19:30:00|
REUTERS - Brent crude futures LCOc1 were down 72 cents at $61.49 per barrel at 1020 GMT, having fallen by 1.5 percent on Tuesday, its largest one-day drop in a month. U.S. West Texas Intermediate (WTI) crude CLc1 was at $55.12 per barrel, down 58 cents.
BLOOMBERG - Prices dropped during the session as the International Energy Agency said the recent recovery in oil prices, coupled with milder-than-normal winter weather, is slowing demand growth. The worsening outlook for consumption dampened some of the enthusiasm that OPEC and its allies will extend supply curbs.
Global energy needs rise more slowly than in the past but still expand by 30% between today and 2040. This is the equivalent of adding another China and India to today’s global demand.
Product exports have grown significantly over the past several years and are expected to continue to grow as Russian refineries add capacity to produce more high-quality products.