A source in the Libyan oil sector said today, Friday, that the country’s oil production currently stands at 1.215 million barrels per day, as the oil sector in the OPEC member country is recovering faster than expected.
The Libyan National Oil Corporation said, on November 7, that production had reached 1.04 million barrels per day.
Libya’s oil production has increased steadily since the gradual lifting of the blockade imposed by forces from the east of the country. On October 26, the National Oil Corporation ended the force majeure situation on the last closed facilities due to the blockade.
And earlier this week, Mustafa Sanallah, head of the corporation, said production could reach 1.3 million barrels per day within a month.
The rapid recovery of Libyan oil production surprised analysts and posed a challenge to the Organization of the Petroleum Exporting Countries (OPEC) and its allies, in what is known as the “OPEC +” group.
The group is scheduled to hold a ministerial committee meeting on November 17th, which may recommend adjusting production quotas when all the group’s ministers meet on November 30 and December 1.
Currently, the “OPEC +” group is set to reduce production cuts of 7.7 million barrels per day by about two million barrels per day in January, but the group is considering extending the current cuts by three or six months, or perhaps deepening them.