OPEC‘s oil production has risen from its lowest levels this year, driven by a surge in Libyan oil output, according to a report from Reuters.
Libya’s oil production increase follows a resolution to a crisis that had placed the nation’s central bank in an uncertain position.
Full recovery of Libyan output came after both the eastern-based government and the Tripoli-based National Oil Corporation (NOC) announced the reopening of all oilfields and export terminals last week.
Before the shutdown in late August, Libya was producing about 1.2 million barrels of crude daily, with key production coming from the Sharara, El Feel, and Essider oilfields.
In September, Libya’s crude exports averaged 460,000 barrels per day. A Reuters survey showed OPEC’s output reaching 26.33 million barrels per day in October, marking an increase of 195,000 barrels per day from September’s level.
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