Libya Is Preparing To Ramp Up Oil Production

29 Sep 2017   Libya

As a rather bullish sentiment has fallen over the oil markets, Libyan oil production is now set to rise after disruptions at the Sharara oil field are now behind it, according to a new report by Bloomberg . Total output will reach 950,000 barrels per day as the Organization of Petroleum Exporting Countries (OPEC) battles a supply glut to force an increase in global oil prices. The Sharara field, the largest in the North African country, reached 230,000 bpd this week, according to an anonymous source that spoke to Bloomberg. In August, Libyan production had reached 1.05 million bpd, but weeks of unrest at major fields had since caused the growth to falter. OPEC should approach Libya and Nigeria, the two exempted OPEC members who were allowed to continue raising their crude oil output despite the November 2016 deal, Iran’s Oil Minister Bijan Namdar Zanganeh told journalists earlier this […]

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