Bloomberg reported on Friday that Libya’s oil production has surged to its highest daily level in 11 years, just months after a political crisis significantly reduced the country’s output.<\/p>\n\n\n\n
According to the National Oil Corporation (NOC), crude oil and condensate production reached 1.422 million barrels, exceeding the corporation’s target by about 22,000 barrels. This marks the highest daily production since 2013, as per NOC data.<\/p>\n\n\n\n
The agency highlighted this as a remarkable turnaround for Libya’s oil output this year. In August, disputes between rival governments in the country’s east and west halved production, sparking fears of renewed conflict. However, the two sides reached a resolution a month later. Libya is now planning to launch its first energy exploration tender since the 2011 civil war that ousted leader Muammar Gaddafi.<\/p>\n\n\n\n
Bloomberg noted that the production increase is encouraging the return of foreign labor to Libya. Years of instability had caused significant fluctuations in output, limiting revenues. Power struggles further compounded neglect in developing or upgrading oil infrastructure.<\/p>\n\n\n\n
The report emphasized that the production boost comes at a challenging time for OPEC, of which Libya is a member. On Thursday, OPEC and its allies postponed production increases for three months amid declining demand in China and rising supplies from the Americas.<\/p>\n\n\n\n
Although Libya is exempt from OPEC’s production cap system, its output contributes to the group’s overall performance and adds to global supply, Bloomberg concluded.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bloomberg reported on Friday that Libya’s oil production has surged to its highest daily level in 11 years, just months after a political crisis significantly reduced the country’s output. According to the National Oil Corporation (NOC), crude oil and condensate production reached 1.422 million barrels, exceeding the corporation’s target by about 22,000 barrels. This marks […]<\/p>\n","protected":false},"author":13,"featured_media":252262,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[638,613,718,630],"class_list":["post-252261","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bloomberg","tag-libya","tag-national-oil-production","tag-oil-production"],"acf":[],"yoast_head":"\n