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Global oil prices witnessed a decline, with crude losses exceeding 3%, after the National Oil Corporation lifted the force majeure status and resumed production in the Al Sharara field.
The management of the Al Sharara field, estimated that the operational capacity of Libya will increase to about 350 thousand barrels per day after the field is operational.
US West Texas Intermediate crude futures tumbled 1.26 cents, or 3.1%, to $ 39.34 a barrel, according to the Turkish Anatolia Agency.
Crude has been under pressure since the start of trading due to concerns about an increase in supply with the resumption of production in the Gulf of Mexico, after the passage of Hurricane “Delta”, and the end of a strike in the oil sector in Norway, which allowed the resumption of production in 6 oil fields in the North Sea, but the losses doubled upon the announcement of the resumption of production in Al Sharara field, according to the agency.
It is worth noting that the National Oil Corporation announced, on Sunday, the lifting of the force majeure of the Al Sharara oil field, and the commencement of production from the field, after a “honor agreement” according to which the Petroleum Facilities Guard is obligated to end all obstacles.
