7/22, 9:33 AM (Source: TeleTrader)
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Libya partly restores production at El-Sharara

The National Oil Corp. said on Monday that it resumed loadings at Zawiya port overnight following a force majeure declared two days earlier. The monopoly has claimed "an unidentified group" unlawfully closed a pipeline leading from El-Sharara, which resulted in a halt. The incident occurred between Hamada and the terminal and NOC was forced to cease producing 290,000 barrels per day, while now it said capacity utilization is recovering. The oilfield is the country's biggest one.

The company has stressed any fuel shortages would be covered by imports. Yesterday it cited "deliberate attempts to sabotage pipelines and production."

Putting El-Sharara back online failed to reverse today's jump in oil futures.

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