Libya’s oil production has risen above one million barrels per day (mbbl/d) for the first time since August, as political groupings within the nation finally reached a deal on electing a new leadership team for the central bank. The OPEC member’s output stood at 1,067,000 barrels per day (bpd) over the weekend, according to several news reports citing unnamed government figures. Back in August, production plummeted to approximately 590,000bpd, according to figures provided by the National Oil Corporation, as political turmoil engulfed the country. In September, it seemed likely that OPEC+ would implement a planned rise in oil output in October as a way to balance cuts by some members and the huge drop in Libya’s oil output. "As politics calms, oil output in Libya exceeds one million barrels per day" was originally created and published by Offshore Technology, a GlobalData owned brand.

Source: Libya Today October 08, 2024 15:23 UTC