Libya’s Oil Production Slips As More Fields Shut

Oil

Libya has closed more oil fields amid mounting unrest, Reuters reports. The country’s largest oil field, Sharara, ceased its operations last week following an attack by an armed group which caused the field’s pipeline to its nearest export terminal to close, and the country has also since closed its 90K b/d El Feel oil field and 10K b/d Hamada oil field. The closures have pushed the country’s output down considerably from July’s 4-year high of 1.01M b/d, according to International Energy Agency data. Sharara’s closure also impacts Libya’s refining industry. The Zawiya refinery, which processes 120,000 b/d, is now forced to operate at only half of its capacity.