Business Standard

Libya reopens last of its major oil fields in another blow to OPEC+

Oil drops as Libya's NOC lifts force majeure on El Feel field

Crude oil
Premium

The move will bolster the Tripoli-based National Oil’s attempt to boost Libyan production to 1 million barrels each day within a month

Salma El Wardany | Bloomberg
Libya is set to restart the last of its major oil fields following a ceasefire in its civil war, a milestone for the Opec member that’s been largely offline since January.
 
Oil dropped after the state energy firm lifted force majeure on exports from El Feel on Monday. The move will bolster the Tripoli-based National Oil’s attempt to boost Libyan production to 1 million barrels each day within a month.
 
The return of Libyan barrels is hindering Opec+ as it tries to prop up crude prices amid a resurgence in coronavirus cases and with many major economies imposing lockdowns again.

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Oct 27 2020 | 12:48 AM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com