Reaching an agreement to resolve the Central Bank crisis led to the return of oil production in the oil fields, exceeding one million barrels per day for the first time in two months.
This came in a report published by Bloomberg, which confirmed that “Libyan oil production rose to more than one million barrels per day for the first time in two months, after resolving the recent political crisis, which limited production and exports in the OPEC member state.”
According to the report, “Libya’s production reached 1.067 million barrels, on Sunday, after the state of force majeure on the fields in the eastern region was lifted on October 3, according to “two people familiar with the situation, who requested to remain anonymous because the information is not public.”
The report added, “Raising production will add supplies to a market suffering from weak demand, while OPEC intends to begin gradually easing production restrictions starting later this year.” Despite this, oil prices rose on Monday as a result of traders’ fears that the escalation of the conflict in the Middle East would cause supply disruptions. The price of Brent in London rose 11% over the past week, trading at about $80 per barrel.
Libya usually produces more than 1.2 million barrels per day, but this volume decreased to less than 450 thousand barrels per day, due to the political crisis that accompanied the Central Bank crisis.
Last updated: October 8, 2024 – 09:56
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2024-10-08 12:32:04