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Oil in Global Economy Series: Libya resumes production at Sahara field after militant blockade removed

According to an unnamed source in Libya’s oil Industry cited by Reuters, the production is set to be resumed in Libya’s largest oil field Sahara as the militant blockade of crucial pipelines ended yesterday. Last month, Libya’s largest oil field was forced to shut down production along with two other oil field, El Feel and Hamada due to militant blockade leading to a production decline in the tune of 350,000 barrels per day or 35 percent of Libya’s production. Libya has been one of the top focus for the past few months as production rose rapidly leading to higher output from OPEC. In the last three months to July, OPEC production rose by 938,000 barrels per day and Libya contributed almost 48 percent of this increase.

However, as the blockade was announced, it acted as one of the bullish factors for oil and likely to have led to lower production from OPEC in August. The production resumption report is adding some pressure on oil price. WTI is currently trading at $49.2 per barrel and Brent at $5.2 per barrel premium to WTI.

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