Oil Bears Can’t Count on Libya as Expat Exodus Hinders Recovery

5 Jun 2017   Libya

Output won’t rise much above 1 million barrels a day: WoodMac OMV says security must improve before it can send expats back The rapid increase in Libya’s oil production is heading toward a hard ceiling. Crude output in the politically fragmented country has more than doubled in the past year to exceed 800,000 barrels a day, according to the state-run National Oil Corp., as fighting and labor unrest at ports and fields have subsided. But with foreign staff of international companies staying away, analysts from Energy Aspects Ltd. to Wood Mackenzie Ltd. say Libya’s ability to pump more oil will soon reach a limit — and won’t be enough to upset an oversupplied market. “You’ve got a cumulative buildup of technical issues, shortages of equipment, and increasingly reports of damage to facilities,” Richard Mallinson of London-based Energy Aspects said by phone. The North African country will struggle to push […]

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