OPEC oil production rebounded from its lowest this year thanks to Libya resolving, even if temporarily, a political crisis over control of the Central Bank, Reuters has reported. Libyan output has fully recovered after the country’s eastern-based government and Tripoli-based National Oil Corp (NOC) announced last week the reopening of all oilfields and export terminals. According to a Reuters survey, OPEC output clocked in at 26.33 million barrels per day in October, good for a 195,000 bpd increase from September's clip. Both Libya and Venezuela are exempt from OPEC+ production cut agreements. According to Reuters, Iraq cut output to 3.98 million bpd due to a drop in production in northern Iraq as well as lower domestic consumption.

Source: Libya Today November 04, 2024 20:41 UTC