Libya, Africa’s largest oil-producing nation, has ramped up oil production to 295,000 barrels of oil per day (bbl/d) following the lifting of the blockade, according to Bloomberg.
The last week of September witnessed output of 250,000 bbl/d. According to the report, fields that feed the newly restarted eastern ports of Hariga, Brega and Zueitina are ramping up production.
Libya’s main port, Brega, is set to export 1.8 million barrels (mmbbl) in October via three cargoes, according to a loading program. Similarly, Zueitina is set to load five cargoes, with Hariga having loaded two tankers both holding 1 mmbbls each.
The influx of Libyan oil is impacting the oil market at present, which is already facing problems of a surplus.
At the beginning of 2020, Libya pumped 1.2 mmbbl/d.