Libya reaches record oil production once political problems are overcome

Libya's National Oil Corporation (NOC) said it reached a new production high, pumping 1,386,030 barrels of crude oil and condensate per day, as well as 203,017 barrels of gas equivalent (boe). This brings Libya's total production to 1,589,047 barrels per day , a major milestone for the oil-rich nation.

The announcement comes as global oil prices remain relatively stable, with Brent crude trading at $73.04 a barrel. WTI, the US benchmark, is trading at 68.58 dollars.

Last month, Libya's National Oil Company said crude production had returned to 1.3 million barrels a day after the resolution of a political dispute over the appointment of Libya's new central bank governor. This came only after crude oil production at most Libyan fields had been suspended for more than a month starting in late August.

In late September, rival factions reached an agreement in UN-brokered talks to elect central bank leaders, paving the way for the restoration of oil production and exports.

The headquarters of the Libyan Central Bank is the former headquarters of the Cassa di Risparmio della Tripolitania, designed in 1921 by Armando Brasini

The recent increase in production, following the resumption of large-scale production in early October, follows the country's effort to stabilize operations after political disputes and field blockades disrupted production earlier in the year. The temporary resolution of these problems has allowed Libya to steadily increase production, bringing its major fields back to full operation.

But challenges remain: The country's oil industry is still at risk of disruption due to ongoing political tensions. But with the return of major companies such as Eni and BP to Libya, there is hope that stability will continue to improve.
For now, this record production is a win for the Libyan economy and a sign that the oil sector is regaining momentum, even as the broader market faces uncertainty.

The article Libya reaches a record in oil production, once political problems are overcome comes from Economic Scenarios .

This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/la-libia-raggiunge-un-record-nella-produzione-di-petrolio-una-volta-superati-i-problemi-politici/ on Sat, 30 Nov 2024 07:00:56 +0000.