Sirte Oil Company Announces Oil Production at 60,000 Bpd

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On Monday, the Sirte Oil Company (SOC) announced that production rates have reached more than 60,000 barrels per day. This is due to the partial lifting of the blockade on the country’s energy facilities.

The Director of the Production Department at the National Oil Corporation (NOC), Anwar Al-Aqil indicated that “Production will rise further as ships dock and load crude from storage tanks, allowing fields to pump more petroleum.” Notably, Libya produced 1.2 million bpd last year.

On 18 September, the Libyan National Army (LNA), announced it had reached an agreement to resume oil production, with the Government of National Accord (GNA). This deal was brokered by Deputy Prime Minister of the GNA, Ahmed Maiteeq.

This has left the situation unclear, as to whether further endorsements are required from other GNA parties. The duration of the agreement was also not immediately apparent.

On 21 August, both parties in the country declared a ceasefire, and agreed to hold elections in March 2021. Prime Minister of the GNA, Fayez Al-Sarraj announced that he would be stepping down at the end of October. This would be to allow for the formation of a new government.