Libya reopens major oil fields in another blow to OPEC+

28 October, 2020 12:00 AM printer

TRIPOLI: Libya is set to restart the last of its major oil fields following a ceasefire in its civil war, a milestone for the Opec member that’s been largely offline since January.

Oil dropped after the state energy firm lifted force majeure on exports from El Feel on Monday. The move will bolster the Tripoli-based National Oil’s attempt to boost Libyan production to 1 million barrels each day within a month, report agencies.

The return of Libyan barrels is hindering Opec+ as it tries to prop up crude prices amid a resurgence in coronavirus cases and with many major economies imposing lockdowns again. The oil producers’ alliance was set to ease supply cuts by almost 2 million barrels a day in January, but may be forced into a delay.