The reopening was announced by the operator of the Es Sider export terminal, Waha Oil company, a subsidiary of the state energy firm National Oil Corporation (NOC). In a statement on Saturday, the operator said that the repairs were finished in “record time,” as it took it seven days to complete them instead of two weeks.

The NOC previously said that its crude output dropped by 200,000 barrels due to the closure of the 32-inch link. After the pipeline was shut down, Waha Oil pumped less than 100,000 barrels a day, but production is set to be restored to normal levels within two days, Bloomberg reported.

This could allow Libya’s oil production to hit levels seen earlier this month – over 1.2 million barrels a day. The recent milestone for the North African country’s oil industry came after force majeure on its largest deposit, the Sharara oilfield, as well as the blockade on oil fields and ports, were lifted.

However, what is obviously good news for the conflict-ridden country could create more hurdles for OPEC, which has been trying to stabilize the energy market by cutting global crude supplies. Libya is a member of the group, but is exempt from the output cuts agreed to by OPEC, allowing it to freely export oil. The additional exports could come at a time when the market has not fully recovered and the rising number of coronavirus cases continues to curb demand.

For more stories on economy & finance visit RT’s business section

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Southwest says 28% of workers seek leaves or exits; 2,235 Delta pilots take exit deal

CHICAGO/WASHINGTON (Reuters) – Southwest Airlines (LUV.N) told employees on Monday that 16,895 of its roughly 60,900 workforce have volunteered for long-term separation or early retirement deals, according to a message from Chief Executive Gary Kelly that was shared with Reuters.…

EU regulators checking if Fitbit deal will boost Google’s clout

BRUSSELS (Reuters) – EU regulators are checking whether Google’s purchase of Fitbit might allow it to drive rival makers of wearable devices, app developers and other online service providers out of the market, and boost its dominance in online advertising…

2nd study testing a COVID-19 antibody drug has a setback

For the second time, a study testing an experimental antibody drug for COVID-19 has been paused to investigate a possible safety issue in hospitalized patients. Regeneron Pharmaceuticals Inc. said Friday that independent monitors had recommended placing on hold enrollment of…

Fairyland, baker, tennis club: a snapshot of pandemic aid in one city

SAN FRANCISCO (Reuters) – A roster of businesses receiving a piece of the $660 billion U.S. Paycheck Protection Program illustrates how deeply the government’s pandemic aid has reached into the everyday lives of Americans, yet at the same time how…