Libya’s crude oil and condensate production has climbed to 1,133,133 barrels per day (bpd), according to the National Oil Corporation (NOC). This increase comes just days after the resumption of output in the OPEC member country.
In the last 24 hours, Libya also produced 206,666 barrels of gas equivalent. This uptick follows the end of a political impasse that had halted oil production for over a month. The NOC expects to restore oil and gas production levels to pre-blockade figures in the coming days.
Before the recent political turmoil, Libya was producing about 1.2 million bpd of oil. In August, the country experienced a severe political crisis due to disagreements over the leadership of the Central Bank of Libya, which is the sole internationally recognized custodian of Libya’s oil revenues.
On Sunday, for the first time since the end of August, Libya’s oil production surpassed 1 million bpd. This milestone was achieved after the conflicting factions reached an agreement on how to elect new leadership for the central bank.
Full-scale crude oil production resumed on October 3, following more than a month of suspended operations due to a standoff between eastern and western administrations in the North African nation.
As of Sunday, Libya’s largest oil field, Sharara, was estimated to be producing approximately 240,000 bpd.
The resolution of the Libyan crisis is expected to bring several hundred thousand barrels of crude back to the market. This comes at a time when global markets are anxious about potential supply shocks from the Middle East, which is on the verge of war.
Most Libyan oil fields were offline for over a month as the eastern and western administrations clashed over the governorship of the Central Bank. By the end of September, rival factions reached an agreement during UN-mediated talks, allowing for the restoration of oil production and exports.
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