Libya: Industrial Unrest Highlights Fragility Of Output

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. (CONTINUED - 1056 WORDS)


table Agoco April 2015 Output (‘000 B/D)