Seeking Alpha

Libya hopes to restart oil production at major field as protestors lift stoppage

  • Libya hopes it can restart production at one of its largest oil fields, Repsol-operated (REPYY, REPYF) El Sharara, in two to three days after protesters agreed to end their two-month stoppage of the facility.
  • The stoppage is one of several disruptions of Libya's oil supply caused by protesters, including workers and armed militia, which caused the country's output fell to below 250K bbl/day vs. 1.6M bbl/day in 2011 before Gadhafi's downfall.
  • The prospect of increased production in Libya is helping to push crude prices lower; WTI crude -2.5% to $95.95, and shares of most energy companies also are down.
  • ETFs: USO, OIL, UCO, SCO, DBO, DTO, BNO, CRUD, USL, DNO, SZO, UWTI, OILZ, DWTI, OLO, OLEM, TWTI.
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