Libya’s January Oil Production Highest in Nearly Five Years.

Catogory : Market Report

Libya’s oil production averaged more than 1 million bpd in January, for the first time topping the million-bpd-mark for a full month since July 2013.

Last month Libya produced 1.083 million bpd of crude oil, and 1.133 million of total liquids, adding that its oil production monitoring showed that oil fields in Libya appeared to operate relatively consistently in January, without steep, significant dips below the average production levels due to weather.

After the main fields and oil export terminals in Libya re-opened in 2017, production started to increase, and together with Nigeria’s recovering oil production and U.S. shale resurgence, was offsetting part of the OPEC cuts and depressed oil prices for much of 2017. Libya’s production topped 1 million bpd in July 2017.

When OPEC met to extend the production cuts in November 2017, Libya and Nigeria agreed to cap their respective 2018 oil production at a combined level of 2.8 million bpd, as part of their contribution to the pact.

Libya and Nigeria together exceeded their combined 2.8-million-bpd cap under the OPEC deal, the survey showed.