Three separate strikes have seen oil output slump, reversing a trend of gains in recent weeks and undermining optimism of a sustained resurgence in oil earnings.
Oil production in Libya fell by a quarter in early May after industrial action took the El Feel (Elephant) field offline, halted crude supplies to the Zueitina oil terminal and briefly shut in the Marsa al-Brega export facility. Oil and condensate output dropped to about 470,000 b/d, from an estimated 620,000 b/d a month ago and an April average of 520,000 b/d, according to MEES estimates. (CONTINUED - 1056 WORDS)
