Al-Awami expressed his confidence in the country's ability to quickly raise its output to 1.5m bbl/day if the government approves a proper budget to fund NOC operations. The Libyan National Army, LNA, seized control over the export terminals in mid-September, and called NOC to resume operations in the area. This rapid production increase comes in a critical time. OPEC has agreed in September to cap its total production at 32.5m bbl/day, down from 32.24m bbl/day, but since the meeting, both Libya and Nigeria increased production by a total of 700,000 bbl/day, and with 4 weeks to go before the next OPEC meeting, both countries could add moreThe ultimate goal of OPEC's deal is to control oil prices. The additional barrels produced by Libya or other countries add more to the supply glut and apply more pressure on oil prices, making a meaningful agreement even more challenging.

Source: Libya Today October 31, 2016 16:24 UTC