Libya’s oil production exceeds 1.2 million barrels per day
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A Libyan oil source said on Friday that the country’s oil production currently stands at 1.215 million barrels per day, as the country’s oil sector is recovering faster than expected. The Libyan National Petroleum Corporation said in the seventh month that production had reached 1.04 million barrels per day.
Libyan oil production has risen steadily since the gradual removal of the eight-month blockade imposed by eastern forces in September. On October 26, the fund ended its “state of force majeure” at the last facilities closed due to the blockade.
Earlier this week, Mustafa Sanallah, conference president, said production could reach 1.3 million barrels per day in one month.
Libya’s production of more than 1.3 million barrels per day may pose a challenge as repeated closures since the 2011 civil war and limited investment in infrastructure have reduced its production capacity. Prior to 2011, Live produced around 1.6 million barrels per day.
The rapid recovery in production, which fell to 100,000 barrels per day in early September alone, surprised analysts and posed a challenge to the Organization of the Petroleum Exporting Countries and its allies, known as the “OPEC +” group. The group is scheduled to hold a ministerial committee meeting next Monday, which may recommend adjusting production quotas when the group’s ministers meet at the end of the month and early next month.
Currently, OPEC + is expected to cut production by 7.7 million barrels per day by about 2 million barrels per day in January.
But the group is considering extending the current cuts for three or six months, or perhaps deepening them.