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Three separate strikes have seen oil output slump, reversing a trend of gains in recent weeks and undermining optimism of a sustained resurgence in oil earnings.
Oil production in Libya fell by a quarter in early May after industrial action took the El Feel (Elephant) field offline, halted crude supplies to the Zueitina oil terminal and briefly shut in the Marsa al-Brega export facility. Oil and condensate output dropped to about 470,000 b/d, from an estimated 620,000 b/d a month ago and an April average of 520,000 b/d, according to MEES estimates.
Production has been on an upward trajectory in recent weeks. Average output in March was 460,000 b/d, up from 285,000 b/d in February, and at the end of March and in early April production was close to 600,000 b/d.
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