Libya’s Oil Production Soars to 270,000 BPD

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Libya’s oil output has risen to 270,000 barrels per day. The OPEC member is ramping up its export activities, following the easing of a blockade by eastern forces.

Libya’s oil production has more than tripled, after the resumption of another oilfield in the country. This has created a new headache for fellow OPEC members, who are trying to rebalance the market, while demand is still weak.

The 200,000-bpd Sarir oilfield resumed operations on Tuesday, Bloomberg quoted the operator Arabian Gulf Oil Co (AGOCO) as saying. The field is currently pumping 30,000 bpd, bringing Libya’s total production to nearly 300,000 bpd. This is up from less than 100,000 bpd before the blockade was lifted in mid-September. The National Oil Company (NOC) lifted its force majeure on some facilities this month, while keeping restrictions on those where it said fighters remained.

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

Exports have resumed, and some fields have begun pumping again. The NOC has said it will take a considerable time to restore output to pre-blockade levels, due to damage to the fields. A week after the blockade was lifted, Libya was producing around 250,000 bpd as of Sunday.

Libya’s oil terminals at Hariga, Brega, and Zueitina remain operational, and are welcoming tankers. The country’s largest ports and the terminals remain closed, according to the NOC.