Libya Sees Another Production Disruption

Wednesday, March 29, 2017

Just a few short days after NOC chairman, Mustafa Sanalla, reported that Libyan production was back on the rise, problems once again strike.

According to reports, Libya saw a severe disruption to its production in the Western region of the country. Armed factions have blocked production at the Sharara and Wafa oil fields, taking an estimated 252,000 bpd off line.

News of the disruption sent oil prices up by as much as 2% in New York and London. In New York West Texas Intermediate closed the trading session up $0.64 to $48.37 and in London Brent crude rose $0.58 to settle at $51.33 per barrel.

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