The Address | Benghazi – Libya
LIBYA – Libya’s oil output is on track this month to hit an almost six-year high after the country resumed production at its biggest field on Tuesday.
The OPEC member is pumping 1.17 million barrels of crude a day, according to Bloomberg calculations of data from several people with knowledge of field operations. This figure includes 200,000 barrels a day from the recently restarted Sharara field, with volumes from the southern Libyan reservoir expected to rise to 300,000 barrels this week.
Sharara Field had been controlled by an armed group that closed the field for financial demands. The Libyan National Army (LNA) took over the Field during its military operations in Southern Libyan and handed it over to the National Oil Corporation (NOC) that lift force majeure at the Field to restart production after a 3-month closure.
Rising Libyan output is complicating efforts by the Organization of Petroleum Exporting Countries and allies to reduce output and avert a supply glut. Libya was exempt from the cuts because of its internal turmoil. The producers’ group will meet again in April to discuss whether to continue the supply reductions in the second half.