The Total oil company from France plans to increase its investment in Libya's oil industry, the National Oil Corporation (NOC) in the North African state has announced. According to the NOC, it has discussed with Total raising Libya's production to "the highest levels". This lowered Libya's oil output from above 1 million barrels per day to below 100,000. The surge of Libyan oil production was more rapid than expected, raising concerns among the OPEC+ countries that are cutting production this year to reduce inflated oil stocks. Expectations of more production cuts by OPEC+ for at least three months have led to an increase in oil prices.

Source: The North Africa Journal November 25, 2020 15:33 UTC