Libya’s ramped-up oil output throws another wrench at oil prices and OPEC’s plans
- Date: 26-Oct-2020
- Source: CNBC
- Sector:Oil & Gas
- Country:Middle East
Libya’s ramped-up oil output throws another wrench at oil prices and OPEC’s plans
A picture taken on June 3, 2020 shows an oil refinery in Libya's northern town of Ras Lanuf. - Libya's National Oil Company said Monday it had restarted production at Al-Fil oil field, closed since January by the forces of eastern military strongman Khalifa Haftar. The NOC's announcement came a day after output resumed at Al-Sharara oil field, the country's largest, following a string of victories against Haftar by forces backing Libya's Tripoli-based unity government.AFP via Getty ImagesA truce in Libya has busted open a renewed source of oil supply, further threatening the commodity's faltering recovery from its historic drop earlier this year. Libya's main warring factions signed a purportedly permanent truce last week, roughly one month after a blockade on the country's oil exports by one faction of the country's