Libya’s Largest Oilfield Hit by New Armed Group Blockade
Crude oil production at Libya’s largest oilfield, Sharara, has slumped over the past day after an armed military group closed a valve on the pipeline that carries crude oil from the field to the Zawiya port for exports, in yet another global supply scare amid ongoing disruptions in the Middle East. An armed group has closed Valve n.7 on the pipeline, Libya’s National Oil Corporation (NOC) said,…
Libya's largest oilfield, Sharara, has experienced a significant drop in crude oil production after an armed military group closed Valve n.7 on the pipeline that transports crude oil to the Zawiya port for exports. The Libyan National Oil Corporation (NOC) reported that the closure of the valve led to a pressure buildup within the pipeline, causing a substantial decrease in production at the Sharara field.
Akakus Oil Operations operates the Sharara field, and its output is shipped via the pipeline to the Zawiya port. If the shutdown persists, NOC has warned that it may declare force majeure on Sharara's production and exports, which could harm the national economy and expose the oil transport system to risks. The Sharara field, which produced around 340,000 barrels per day before the incident, now produces approximately 120,000 barrels per day due to the valve closure. This development occurs amidst ongoing global supply disruptions and rising oil prices.
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