NOC said in a statement the shutdown of its biggest oil field would result in a production loss of 315,000 barrels per day (bbl/d) at the site, and an additional loss of 73,000 bbl/d at the El Feel oil field.
New presidency throws the country’s reform into uncertainty for investors.
After oil market dropped 30% from October, the market jumped 5% with OPEC’s decision to cut oil production by 1.2 million barrels per day.
The Trump administration took aim at Obama-era environmental policies with the proposal to open up a bird's wildlife habitat to oil and gas drilling.
OPEC talks on oil production cuts reached deadlock on Dec. 7 as the group's leader Saudi Arabia refused to grant sanctions-hit Iran exemptions from planned reductions, OPEC sources said.
Benchmark Brent oil edged up on Dec. 7 after indications Russia would contribute a bigger output cut than previously suggested to an OPEC and non-OPEC deal, although prospects for an overall agreement still hung in the balance.
Plus, Mexico's new president takes a stance with oil majors, Berry Petroleum exits East Texas for California and Scotland-based Wood to build an NGL pipeline in West Texas.
The EIA reported crude oil inventories fell 7.3 million barrels in the week to Nov. 30, which was the first drop in U.S. crude stocks since September and came as exports surged to a record.
OPEC tentatively agreed an oil-output cut on Dec. 6 but was waiting to hear from non-OPEC heavyweight Russia before deciding the exact volumes for a production reduction aimed at propping up crude prices, two sources from the group said.