Bloomberg: Libya is pumping the most oil in more than two years as the OPEC member restores output amid progress in mending the nation’s political divisions.
Bloomberg report says the increase adds pressure on the world’s biggest producers who just signaled they may extend production cuts amid a slump in oil.
The North African country’s production has reached 796,000 barrels a day, Mustafa Sanalla, the chairman of state producer National Oil Corp., said Monday in a statement. Libya was producing about 700,000 barrels a day at the end of April, Jadalla Alaokali, an NOC board member, said at the time.
The El-Feel oil field in western Libya—operated by a joint venture between Italy’s Eni and Libya’s National Oil Corporation (NOC)—reopened last week after two years, and expects to start pumping oil as soon as a power outage is fixed, Bloomberg reported, citing a person familiar with the matter.
NOC Chairman Mustafa Sanalla said the company planned to increase production further. Previous goals have Libya producing 1.1 million barrels by this August.