Tuesday, September 16, 2025
LibyaReview
  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion
No Result
View All Result
  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion
No Result
View All Result
LibyaReview
No Result
View All Result
Home Libya

Libya Exports 700,000 Bpd in December

October 16, 2020
Share on FacebookShare on Twitter

The International Energy Agency (IEA) predicted that the ceasefire in Libya will raise oil output to 700,000 bpd by December, from the current 300,000 bpd.

In its monthly report, the IEA added that global oil stocks, which rose during the height of the pandemic, are being steadily reduced. The Paris-based agency noted that the second wave of COVID-19 is slowing demand and will complicate efforts by producers to balance the market.

It added that the OPEC+ producers – OPEC members and others including Russia – plan to boost supply by 2 million bpd in January.

“There is only limited headroom for the market to absorb extra supply in the next few months,” the IEA noted. “Those wishing to bring about a tighter oil market, are looking at a moving target,” it declared.

OPEC+ producers are currently cutting output by 7.7 million bpd.

Libyan oil production almost entirely shut down in January, when energy exports were blockaded. However, Libyan National Army (LNA) Commander Khalifa Haftar said last month that he was lifting the blockade. The National Oil Corporation (NOC) restarted exports from fields and ports, where fighters were no longer based.

On 18 September, the LNA 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 fields have begun pumping again. However, the NOC has said it will take a considerable time to restore output to pre-blockade levels. This is due to significant damage to the fields. Libyan oil production had reached 1.2m bpd, before the blockade.

Tags: ceasefireExportslibyaoilOutput
Next Post

UN Warns: Closure of Libya’s Healthcare Facilities Will Lead to Humanitarian Crisis

POPULAR CATEGORIES

  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion

MUST READ

Khaled Haftar Highlights Libya-Egypt Military Cooperation

Libya & Turkey Strengthen Energy Cooperation

Libya Reasserts Sovereign Maritime Rights in Mediterranean

Libyan Police Arrest Illegal Migrants in Benghazi

Chad Condemns Criminal Activity Along Borders with Libya

US Bans Libyan Citizens from Entering Country

EDITOR PICKS

Libyan Officials Discuss Solutions to Libya’s Electricity Shortages

UNSMIL Panel Explores Journalism in Political Process

NOC Discusses Support for Power Generation Plants in Libya

US Sees Stability & Reform as Path to Investment in Libya

Libya Boosts Oilfield Operations through Partnership with SLB

Chad Condemns Criminal Activity Along Borders with Libya

  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion

© 2024 LR

No Result
View All Result
  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion

© 2024 LR