The Oct’24 Brent Futures contract has seen a stronger afternoon, rising from $75.20/bbl at 13:00 BST, and steadily trading up to $76.64/bbl at the time of writing (17:40 BST). Sharara, Libya’s largest oilfield, completely halted production today (05 Aug) after protests led to a gradual output reduction over the weekend. The field, which can produce over 300 kb/d, had reduced its output to around 270 kb/d on Saturday and gradually reduced production after oilfield workers were instructed, according to Bloomberg. Libya’s internationally recognised government accused its eastern rival of “political blackmail” related to the protests. In other news, U.S. electric power plants reported a significant increase in coal stocks, reaching 138 million short tons by the end of May, the highest since early 2020. At the time of writing, the Oct/Nov and Oct/Mar’25 Brent Futures are trading at $0.44/bbl and $1.76/bbl, respectively.
