Libya's Sharara oil field has gradually resumed production, after protesters who shut down the facility earlier this week left, according to a person familiar with the developments.
The person added that production is likely to be fully restored within the next 24 hours. The demonstrators ended their protest after officials released a man (former finance minister Faraj Boumtari) who aspired to become the country's next central bank governor.
Another person familiar with the matter said the nearby - but smaller - El Feel field, which was shut down as part of the same protests, has also resumed production.
Oil Minister to Al-Sharq: Libya loses 340,000 barrels per day due to the closure of oil fields
El Sharara is one of the largest oil fields in Libya. Before the closure, it was producing about 250,000 to 260,000 barrels per day. While the production of El Feel field is about 60,000 to 70,000 barrels per day. While the production capacity of the Al-Waha field (which was not closed by the protesters) is about 280,000 to 290,000 barrels per day.
Restoring production from the two Libyan fields will bring some relief to the oil markets, which are obsessed with tight supply against demand. However, the recent protests remind once again of the dangers posed to irregular production in Libya, where armed groups have continuously closed fields over recent years.
