Oil should start flowing again from one of Libya's largest fields, just days after a militant takeover, a spokesman for the Libyan National Oil Co. said Monday.
Libyan oil production of around 800,000 barrels per day is about 45 percent above midsummer levels and close to two-thirds its optimal rate.
Security issues present stability challenges for the Libyan oil sector, however. Last week, militants closed operations at the Sharara oil field in the western Libyan desert. It has the capacity to produce 350,000 bpd and the incident was at least the second time bandits have shut in the field this year.
An NOC spokesman said the "worst case" scenario is that operations from Sharara resume by Wednesday.
The Organization of Petroleum Exporting Countries said in its October monthly market report commercial crude oil stocks in the European economy were up 37 million barrels above this time last year.
"European crude stocks have been accumulating more than 22 million barrels since May, driven by high supply from the Atlantic Basin as well as rising Libyan exports," it said.
