Libya’s Oil Production Boosts OPEC Outputs

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Oil Production of the Arab member states at the Organisation of Petroleum Exporting Countries (OPEC) increased by about 658,000 bpd in November 2020. This brings the total oil output to 19.5 million bpd, compared to 18.84 million in October 2020, according to the OPEC’s monthly report released on Monday.

The report stated that the share of Arab countries in OPEC production increased to 77.7% in November, compared to 77.2% in October 2020.

The list of Arab OPEC members includes Saudi Arabia, Iraq, the United Arab Emirates, Kuwait, Algeria, and Libya. The increase in Arab countries’ production was due to a jump in Libya’s daily oil output, estimated at 1.11 million barrels, compared to 453,000 in October.

Libya accounted for about 99.5% of crude oil production’s increase by OPEC countries in November, while it accounted for 92.6% of the total production increase of OPEC countries, which amounted to about 707,000 barrels. This brings the total OPEC production to 25.109 million barrels in November 2020.

Libyan production is rising after commander of the Libyan National Army (LNA), Field Marshal Khalifa Haftar, lifted an eight-months blockade on exports.