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Libya’s oil production recovers past 1M bpd
Associated Press
Libya’s oil production has surged past 1 million barrels a day, national petroleum officials said Nov. 7, marking an important milestone months after its civil war almost choked the country’s energy production.
Oil-rich Libya has been pushing to recover production levels in recent weeks, as talks proceed between the warring groups in the North African country to reach a political settlement to the country’s conflict.
Libyan commander Khalifa Hifter’s forces announced in September an end to a months-long blockade of the country’s vital oil fields and terminals. The move followed on his forces failure to capture the capital of Tripoli earlier in the year, and the growing military intervention of Turkey, which has supported the rival U.N.-backed government there.
The Libyan National Oil Corp. said in a statement on its website it has pumped over 1 million barrels a day, from a reported 800,000 barrels a day earlier in the month. The country’s oil production was under 100,000 barrels a day earlier in September.
Current levels not sustainable The Tripoli-based company meanwhile warned that it would not be able to continue pumping at the current levels, because of what it said were work obstructions caused by “entities” it did not name.
The NOC said it has suffered from financial difficulties amid a “huge shortage” in its budget. The oil blockade deprived it of nearly $10 billion in revenue and led to nationwide fuel shortages, the corporation said in August.
The dramatic rise in Libya’s production, however, comes as oil prices have collapsed this year, which is partially a consequence of the coronavirus pandemic. On Nov. 6, Brent crude oil for January delivery fell $1.48 to $39.45 a barrel.
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