Libya’s largest oil field halts production followings protests

Libya’s largest oil field halts production followings protests(Bloomberg) – Libya’s largest oil field halted production after protesters entered the facility, according to a person with direct knowledge of the operations. The Sharara oil field was producing roughly 270,000 bpd on Tuesday before the protests began. Libya’s energy facilities have been the focus of conflict since the fall of dictator Moammar Al Qaddafi in 2011, with armed factions shutting down oil production to press their political and economic demands. Continuing agitation will result in “a tumbling of exports, in addition to shaking the confidence of foreign partners and impeding efforts to stabilize production,” according to the NOC letter. OPEC member Libya kept production stable at around 1.2 MMbpd for most of the last year.