Libya’s oil production hits over 1 million bpd

Catogory : Market Report

Libya is producing around 1.2 million barrels of oil per day (bpd) with much of it being exported abroad, primarily to Europe, citing a source in Libya’s oil industry.

Libya’s oil output has been subject to fluctuations, Libya, which is a member of the Organization of the Petroleum Exporting Countries (OPEC), has the largest proven oil reserves in Africa. The country’s oil output has been subject to fluctuations. But Mr. Mustafa Sanalla, head of the National Oil Corporation, is trying in every way to push the Libyan production to its highest level by solving all differences and obstacles.

Libya’s National Oil Corporation (NOC) has announced that it made many deals with major oil companies like Royal Dutch Shell and BP in January. The deal is seen as vote of confidence in Libya’s ability to increase its oil production – currently at around 1, 2 million barrels per day.

LIBYA is now closing in on Saudi Arabia as the third-biggest source of seaborne supply to Europe after Iraq and Russia, the International Energy Agency said Thursday. Even as the U.S. is reviving its own oil industry and exporting, Libya managed to ship more crude to America in the fourth quarter than a year earlier while supplies from Saudi Arabia.