Oil Glut Could Worsen As Libya’s Civil War Ends

While the Persian Gulf crisis continues to escalate, oil markets have put Libya’s ongoing civil war on the backburner. This weekend, the shutdown of OPEC producer Libya’s giant Sharara field however put it again in the spotlight. On Saturday July 20, Libya’s National Oil Corporation (NOC) stated that production at its El Sharara oilfield was halted. As a direct result of this, the NOC also has stopped the shipment of crude oil in the Port of Az Zawiyah. The closure on Saturday resulted in the loss of 290,000 bpd production, the…