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Armed Attack Damages Libyan Crude Pipeline, Shuts Down about 100K b/d

Oil

An armed attack damaged Libya’s Al-Zouk oil line transferring crude oil to the Es Sider port on Tuesday, reducing the country’s total output by about 100K b/d, Reuters reports.

Libya’s crude oil production stood at 980K b/d in November, up 2.1% or 20K b/d m-o-m and 68% or 395K b/d y-o-y, and near the 4-year high of 1.01M b/d reached in July 2017, according to the US Energy Information Administration. Libya, an OPEC member, was initially exempt from the on-going OPEC-led supply curbs, as its output had already been restricted by civil unrest, according to newswires. When the second extension of the 1.8M b/d oil output cut was reached on 30 November, the country agreed to participate in a joint cap with Nigeria, which restricts their combined output to no more than 2.8M b/d.