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Libya lifts FM on oil output from Sharara oil field

by ChemOrbis Editorial Team -
  • 04/04/2017 (13:38)
According to Reuters, Libya lifted the force majeure on Sharara oil field on April 3 after armed protestors blocked the way and caused disruptions for about a week. The field was reported to produce 120,000 barrels/day on Monday, still down 100,000 barrels/day when compared to the levels produced before the shutdown on March 27.

The lifting of the force majeure from the oil field was immediately reflected on crude oil prices. On Monday evening, NYMEX crude settled down $36 cents at $50.24/barrel while ICE Brent was down 41 cents to settle at $53.12/barrel and they are currently trading below the settlements of the previous day as of Tuesday morning.
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