Libya Adds to OPEC’s Burden as Output Reaches Highest Since 2014

10 May 2017   Libya

Output at about 780,000 barrels a day on Sharara field boost Global producers signal extension in cuts amid oil price slump Libya is pumping the most oil since October 2014 as the OPEC member restores output amid progress in mending the nation’s political divisions. The increase adds pressure on the world’s biggest producers who just signaled they may extend production cuts amid a slump in oil. The North African country’s production has reached about 780,000 barrels a day, according to a person familiar with the situation who asked not to be identified for lack of authorization to speak to the media. Libya was producing about 700,000 barrels a day at the end of April, Jadalla Alaokali, a board member at state producer the National Oil Corp., said then. A revival in Libyan output adds to the challenge that the Organization of Petroleum Exporting Countries and other major producers face […]

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