- Libya's National Oil Company said Monday it had restarted production at Al-Fil oil field, closed since January by the forces of eastern military strongman Khalifa Haftar.
Libya's main warring factions signed a purportedly permanent truce last week, a month after a blockade on the country's oil exports by one faction in the country's six-year-long civil war was lifted.
Oil prices are still firmly in correction territory, with international benchmark Brent crude down 33% year to date and stuck between $40 and $43 per barrel for several weeks.
Unbridled by OPEC output restrictions imposed in April due to its long-running conflict, Libya's exports and outlook for output growth already appear to be weighing on markets.
A roller-coaster year for Libyan productionBlockades by rebel militias of the eastern-based Libyan National Army and force majeur declarations by the state oil company have strangled war-stricken Libya's oil production for much of the past year.
Khalifa Haftar, Libya's, Ras Lanuf, Tamas Varga, Varga, Brent, Edward Bell
National Oil Company, Al, Haftar, AFP, Getty, OPEC, Brent, National Oil Corporation, PVM, Emirates, U.S, ANZ, Libyan National Army, OPEC
Libya's, Ras Lanuf, Libya's Tripoli, Libya, OPEC, London, Dubai, Europe