Rigzone · March 23, 2026 (2h ago) · 1 min read

Fire Hits Oil Production at Major Libyan Field

Analysis

OilCyprus Editorial

A fire caused by a leak in the Sharara crude pipeline has resulted in a roughly 50% reduction in production at the Sharara oil field in Libya. The Sharara field is one of Libya's largest, with a declared capacity of 330,000 barrels per day, making this disruption significant.

Key Facts

A leak-induced fire impacted the Sharara crude pipeline.
Sharara oil field production has been cut by approximately half.
Sharara's declared capacity is 330,000 barrels per day.

Market Impact

This incident will likely lead to a temporary decrease in Libyan oil exports, potentially impacting global oil supply and prices. The extent of the impact will depend on the duration of the outage and the speed of repairs. The incident also highlights the ongoing risks to oil infrastructure in Libya due to political instability and security concerns.

Why This Matters for Cyprus

This disruption in Libyan oil production can affect global oil prices and supply chains, impacting profitability and strategic planning for oil and gas companies.

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