The National Oil Corporation (NOC) of Libya has temporarily lifted a force majeure it imposed on the Zueitina oil export terminal last month in a bid to reduce oil inventories and free up storage space. Currently, El Sharara is producing 70,000 bpd, according to its operator, Spain’s Repsol, though the NOC has not confirmed this. Bashagha’s backers, from the east, control much of the country’s oil production, while Dbeibah’s backers nominally control the oil revenues through the Central Bank in Tripoli in the west. These industry disruptions come as the NOC eyes a boost in production to 1.4 million barrels daily from 1.2 million bpd before the terminal closures began. The country has been exempted from OPEC production control measures because of its dire political situation that has prevented its oil industry from making the most of its resources.

Source: Libya Today May 02, 2022 13:00 UTC