Libya’s National Oil Corporation (NOC) announced that oil production has reached 700,000b/d, recovering from a drop earlier in March caused by fighting at two key oil ports, Arabian Industry reported.
NOC’s Chairman, Mustafa Sanalla, disclosed that the country expects output to continue increasing. “We are working very hard to reach 800,000b/d by the end of April 2017, and, God willing, we will reach 1.1mb/d next August,” he said, as informed by Hellenic Shipping News.
Libya’s output fell to around 600,000b/d after eastern security forces lost control of the major oil terminals of al-Sidra and Ras Lanuf early March, before regaining them 11 days later.
Additionally, NOC stated that some gains could come from the southwestern Sharara field, where it aims to increase production by 70,000b/d, from current 221,000b/d.
Despite the increase, Libya’s output still remains well below the 1.6mb/d the North African country had been pumping before the 2011 uprising.
Libya, along with Nigeria, is exempted from recent production cuts agreed by the Organization of the Petroleum Exporting Countries (OPEC).