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

|By:, SA News Editor

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.

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