Production in Libya’s Sharara oil field, seen here in 2014, has almost ceased since early January.
Photo:
Ismail Zitouni / Reuters
Production in Libya’s largest oilfield resumed on Sunday afternoon, Libyan officials said, a move that could increase the country’s overall production after a rapid shutdown and add a glut of oil to world markets Which has kept prices low.
Libya’s central government and rebel commander Khalifa Haapar agreed to lift the nine-month oil blockade last month after settling a dispute over oil revenue distribution. The country’s oil production has increased from about 100,000 barrels a day to 300,000 barrels per day in the last two weeks.
Libya’s slowdown of shutdown production has already increased pressure on oil prices, and it is a debate in Saudi Arabia on whether to boost production from next year.
Libya, one of the world’s largest producers, pumped some 1.3 million barrels a day before authorities stalled production before the deadlock.
Write [email protected] at Benoit Faucon
Copyright © 2020 Dow Jones & Company, Inc. All rights reserved. 87990cbe856818d5eddac44c7b1cdeb8
.