Libya’s daily oil production continues to see a meteoric rise since the resumption of operations, with oil production rising to 500,000 barrels of oil per day (bbl/d), according to Bloomberg.
The country’s biggest oilfield, Sharara, is at present pumping roughly 110,000 bbl/d with the southwestern deposit having a capacity of 300,000 bbl/d.
In terms of oil-producing companies, Arabian Gulf Oil Corporation posted production figures of 257,000 bbl/d from its eastern fields; Sirte Oil Corporation (which operates fields supplying Brega port) is pumping 76,000 bbl/d; fields run by Mellitah Oil Corporation are producing 100,000 bbl/d.
According to forecasts by JP Morgan, Libyan output could hit 1 mmbbl/d by the end of March 2021 with the likes of El Feel oilfield (70,000 bbl/d) yet to resume production.
Libya’s oil exports averaged 385,000 bbl/d in the first two weeks of this month, up from 213,000 barrels a day for all of September. Many of those shipments are from storage tanks at ports, rather than freshly-pumped crude.