Libya's crude production has returned to 1.2 million b/d after the lifting of force majeure on oil fields and exports on July 15, state-owned National Oil Corp. said July 31, even as the OPEC member still grapples with political mayhem and armed clashes among rival factions. Libya's oil sector has been severely impacted by ongoing political turmoil, with various groups seeking control of NOC and its revenue. Crude production reached a two-year low of 650,000 b/d in June, according to the latest Platts survey of OPEC+ output by S&P Global Commodity Insights, against a capacity of 1.2 million b/d. The return of production to 1.2 million b/d comes amid armed clashes in Tripoli and other cities as the country grapples with having two governments. Given this current political mayhem and clashes in Libya, Platts Analytics forecast that oil production will reach 900,000 b/d in August and 1 million b/d in September.

Source: Libya Today August 01, 2022 06:04 UTC