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Libyan Oil Drives Increase in OPEC Production

by Krystal

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.

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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.

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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.

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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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