Production ramping up faster than expected at Libya's largest oil field


Libya's largest oil field is ramping up production much faster than expected and may reach nearly two-thirds of its output capacity by late today, according to a manager at the field.

The 340K bbl/day Sharara oil field, where Repsol (REPYY, REPYF) is a partner, has resumed output after protests ended there, but a field manager says production already has reached 120K bbl/day and may reach 200K by the end of the day.

Together with the recent reopening of two key oil terminals, Sharara's resumption could bring oil production close to 1M bbl/day, three times the current level.

ETFs: USO, OIL, UCO, SCO, BNO, DTO, DBO, CRUD, USL, UWTI, DWTI, DNO, SZO, OLO, OLEM, TWTI

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