Libya’s oil production surges to 800,000 barrels per day

By Hatem Mohareb on 10/31/2020

(Bloomberg) –Libya’s daily crude output has reached 800,000 barrels per day and the country is targeting 1.3 million barrels at the beginning 2021, according to Mustafa Sanalla, the chairman of state-run National Oil Corp.

The reopening of the last of Libya’s oil fields and ports has prompted a resurgence of the energy industry, with the OPEC nation’s daily production jumping from less than 100,000 barrels in early September.

“We’re very interested in coordinating with our colleagues in OPEC,” Sanalla said in an interview Saturday. “We’re interested in achieving a balance in terms of supply and demand.” Libya’s share in OPEC is 1.7 million barrels daily.

The National Oil Corp. expects the country to pump 1 million barrels daily next month, Sanalla said. Its ambition to reach 1.6 million by the end of 2021 hinges on the resources the Finance Ministry will allocate to the company, he said.

The industry was shut down in January when supporters of Khalifa Haftar, a Russian-backed commander trying to defeat the United Nations-recognized government of Prime Minister Fayez al-Sarraj, blockaded ports and fields. A cease-fire that’s been in place since June was formalized by representatives of the two parties on Friday.

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