Libya’s biggest oil field, El Sharara, has reopened after armed protesters blocked production.
According to the National Oil Corporation (NOC), an agreement was made to restore production, with 200,000 barrels of oil flowing per day.
Prices of crude oil fell by more than 1% in response to the news.
The blockade was the latest in a long series, with protesters blocking a pipeline in March. The protest ended in April but restarted only a week later.
Security in oil production has remained fragile in Libya since the civil war began in 2011.
NOC chairman, Mustafa Sanalla, said: “This is intended to be a lasting solution.
“We have agreed to the lifting of force majeure only on the condition that no extortion payments are made to the blockaders now or in the future.
“With the support of the PFG and Zintan Tribes Elders Council leadership, we as a nation can put an end to the blockade as a scourge of our society.”
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