The head of the General Oil Workers Union, Salem Al-Rumaih, confirmed that all Libyan oil fields, including the Sharara field, have resumed production.
Al-Rumaih told Libya Al-Ahrar TV that production levels are progressing well and are expected to gradually increase, aiming to reach 1.2 million barrels per day.
Last Thursday, the government appointed by the House of Representatives announced the lifting of force majeure on all oil fields, ports, and facilities, allowing the resumption of normal production and export operations.
The decision to halt oil production and close the fields came in response to tensions related to the Central Bank of Libya. These tensions arose after the Presidential Council, led by Mohamed Al-Menfi, replaced Central Bank Governor Sadiq Al-Kabir and the board, a move rejected by the House of Representatives.
The closure of the fields and ports resulted in daily losses of approximately 850,000 barrels, amounting to 416 million Libyan dinars due to halted exports, according to a previous statement by Al-Rumaih.
Libya’s oil production has surpassed 1 million barrels per day for the first time in two months, following the resolution of a political crisis that had severely constrained the nation’s oil output and exports.
According to a Bloomberg report, Libya’s production reached 1.067 million barrels on Sunday after the lifting of an oil blockade on October 3rd.
This production boost comes as the global oil market faces weak demand, with the Organization of the Petroleum Exporting Countries (OPEC) planning a gradual easing of production cuts later this year. Libya’s increased output will add more supply to the global market, which could help stabilize prices.
