Production was halted at Libya’s El Feel, Sharara, and 108 oilfields, as political tensions resurface in the country with the largest crude reserves in Africa.
The shutdown at the Sharara field, located in the southwest of the country, began late yesterday, according to a text message confirmation from Oil and Gas Minister Mohammed Aoun.
Oil prices jumped on reports of the disruptions, which also affected the nearby Elephant field. The Oasis field, which produces similar quantities to Sharara, is situated to the east.
The production stoppage stems from dissatisfied protesters reacting to the arrest of an official seeking to become the head of the Libyan Central Bank.
Different factions in the country have previously formed alliances, if they share political objectives, although it remains unclear if this is the case this time.
Libya has been beset by one crisis after another since the 2011 civil war and the ousting of the powerful President Muammar Gaddafi. Oil production has experienced severe fluctuations due to regular shutdowns by armed groups at the oil fields.
The country has enjoyed relatively better stability since the ceasefire brokered in mid-2020 during the civil war, with crude production surpassing one million barrels per day for most of this year. However, Libya remains divided among competing administrations.
