Libya Oil Output Hits 885,000 Bpd

20 Jun 2017   Libya

Libya is producing 885,000 barrels of crude oil daily after last week it reached an agreement with German Wintershall that will see the latter restart production at fields with a combined output of 160,000 bpd, a source from the country‚Äôs oil industry told Reuters. Since the announcement of the agreement, total Libyan output has jumped by 50,000 bpd. The North African country, which has been exempted from the OPEC production cut deal, now aims to raise production to 1 million bpd by the end of next month. This plan, and the fact that it is not as far-fetched as it may have seemed a few months ago amid clashes between armed groups at some of the main oil export points in the Oil Crescent, is bound to weigh on oil prices. Last month, it was Libya whose increase in oil production drove an overall rise in OPEC output, which […]

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