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Libya oil production falls after 2 crucial fields shut down


Associated Press

CAIRO (AP) — Libya’s national oil company says that an armed group has shut down two crucial oil fields, causing the country’s daily production of oil to drop by 330,000 barrels. The state-run National Oil Corporation said the group closed pump valves at the Sharara field, Libya’s largest, and el-Feel, effectively stopping production in both areas. Before the shutdown, Libya’s production of oil was at around 1.2 billion barrels per day. Company head Mustafa Sanallah announced a force majeure, a legal maneuver that lets a company get out of its contracts because of extraordinary circumstances. He said the closures cost Libya more than $160 million ($34.6 million) per day in lost revenues.

Article Topic Follows: AP National Business

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Associated Press


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