Libya Unrest Shuts in 300,000 b/d of Crude Oil Output

Armed groups took over Libya’s Sharara oilfield last month, forcing the National Oil Company to shut down production. NOC says it will not restart the field until local security forces are reformed. This will take time, and we expect Sharara production to remain shut in until the summer. Libya will produce just 800,000 b/d of crude oil until the field restarts, down from recent levels of 1.1 million b/d.