Libyan oil production has now reached a new high after the country recorded 1.215 million barrels per day (mmbbl/d), as the OPEC member’s oil industry recovers faster than expected, according to Reuters.
This comes only a week after the National Oil Company (NOC) announced that it had surpassed the milestone of 1 mmbbl/d on November 7.
However, the latest production figures are reminiscent of pre-blockade levels and Libya’s production has seen a meteoric rise since the resumption of operations after an 8-month hiatus.
It should be noted that NOC chairman Mustafa Sanalla attests that output could reach 1.3 mmbbl/d within a month. With this said, it could be a challenge for Libya to produce significantly more than 1.3 mmbbl/d due to a lack of infrastructure investment.
This sudden influx of oil into the market is causing concerns for OPEC and could lead to an alteration in production quotas when the group meets on November 17.
In 2011, Libya was producing about 1.6 mmbbl/d.