Libya's latest political crisis wiped out 570,000 b/d of its crude oil production in September, but with the standoff now resolved, output could come roaring back to surpass even pre-crisis levels, according to industry sources. "Oil and condensate production rates have surged by nearly 85,000 barrels over the past two days. The price decline led OPEC – of which Libya is a member – to postpone plans to unwind some 2.2 million b/d of output cuts. In the summer of 2022, Haftar's self-styled Libyan National Army blockaded key oilfields, reducing production and exports to a trickle. Oil accounts for some 93% of government revenues making the sector and key related institutions such as the oil ministry, NOC and central bank, which distributes oil revenues key political footballs.

Source: Libya Today October 11, 2024 14:36 UTC