Sharara, the largest oilfield in Libya, fully halted oil production on Monday after output was curbed during the weekend due to protests, sources with knowledge of the field’s operations told Bloomberg. However, the field began to gradually cut production on Saturday after workers at the oilfield were told to do so, according to Bloomberg’s anonymous sources. Earlier on Monday, Libya’s internationally recognized government accused its rival government in the east of “political blackmail” following protests that led to operational curbs at the Sharara oilfield. Despite the loss of production from Libya, oil prices continued to plunge on Monday amid growing concerns about demand with fears of a recession in the United States. The market has largely ignored supply concerns in recent weeks as anxiety over the trajectory of global oil demand has intensified.

Source: Libya Today August 05, 2024 13:42 UTC