Libyan oil production exceeds one million barrels per day

Catogory : Announcements

The country’s crude production rose to 1.012 million barrels per day (bpd) to more than 1 million barrels for the first time in four years, a Libyan oil source said on Friday.

The National Oil Corporation (NOC) has been targeting production to 1 million bpd by the end of october.

The production found support in an interim agreement with German firm Fintershall to resume production after its interruption due to a contractual dispute.

The same source said on Thursday that production fluctuated between 950 thousand barrels per day and about one million barrels per day because of technical problems.

The source expected production to stabilize at the upper limit of this band “very soon”.

Libya and Nigeria have been exempted from an agreement between the Organization of the Petroleum Exporting Countries (OPEC) and some independent producers to cut output by 1.8 million bpd.

Libya is seeking to raise Libya’s crude oil production to 1.250 million bpd by the end of the year, he said