Libya’s oil production is rising rapidly toward 1 million barrels a day, as a truce in the nation’s civil war allows the state energy firm to ramp up operations at previously idled fields and ports.
Daily crude output has reached 800,000 barrels and the country is targeting 1.3 million by the beginning of 2021, Mustafa Sanalla, the chairman of state-run National Oil Corp., said in an interview Saturday in the eastern city of Brega.
The OPEC member was pumping less than 100,000 barrels a day in early September. The quick revival of its production -- following an almost total shutdown in January as fighting in the war intensified -- has taken oil traders by surprise. It’s weighed on crude prices just as a resurgence of coronavirus cases hammers global demand for energy. Benchmark Brent crude fell 10% last week to $37.46 a barrel, its lowest level since May.
Output at Libya’s biggest field of Sharara, in the west, will rise to 245,000 barrels daily this week, said Nuri Esaid, chairman of Akakus Oil Operations, a company based in the capital of Tripoli. Sharara will pump around 300,000 barrels each day by the end of the year, he said on Saturday.
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