Libya’s Oil Production Recovers Faster than Expected

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A source at the Libyan oil sector told Reuters that the country’s oil production currently stands at 1.215 million barrels per day, adding that the Libyan oil sector is recovering faster than expected, according to Reuters.

The sources added that the rapid recovery of Libyan oil production surprised analysts and posed a challenge to the Organisation of the Petroleum Exporting Countries (OPEC) and allies, a group known as OPEC+.

On November 7, the National Oil Corporation (NOC) announced that production had reached 1.04 million barrels per day. Libya’s oil production has been rising steadily, since last October 26, as the NOC ended the state of force majeure on the last facilities closed due to the blockade.

The OPEC+ are due to hold a ministerial committee meeting on November 17 which could recommend changes to production quotas when all the ministers meet between November 30 and December 1.

Currently, the OPEC+ group is set to reduce production cuts of 7.7 million barrels per day by about two million barrels per day in January, but the group is considering extending the current cuts by three or six months, or even deepening them.