Libya’s Oil Production Exceeds 1mb/d

Libya’s Oil Production Exceeds 1mb/d

Libya’s oil production increased exceeding 1mb/d for the first time in 4 years as the National Oil Corporation (NOC) met its goal a whole month earlier than planned, reported Libyan Express.

Accordingly, the Orgazination of Petroleum Exporting Countries’s (OPEC) oil output has risen in June by 280,000b/d to a 2017 high, as a further recovery in supply from the two member countries, Libya and Nigeria, exempt from a production-cutting deal, offset strong compliance by their peers, according to Times of Oman.

High compliance by Gulf producers Saudi Arabia and Kuwait helped keep OPEC’s adherence with its supply curbs at a historically high – 92% in June compared with 95% in May, the survey found.

However, extra oil from Libya and Nigeria means supply by the 13 OPEC members originally part of the deal has risen far above their implied production target.

If the recovery lasts, calls could grow within OPEC for the exempt countries to be brought into the production deal.

Analyst at Commerzbank in Frankfurt, Carsten Fritsch, said, “The rise in OPEC production will further delay the point at which balance is restored on the oil market.”

Sarah Samir 3289 Posts

Sarah has been writing in the oil and gas field for 8 years. She has a Bachelor Degree in English Literature. She has three years of experience in the banking sector.


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