Since the lifting of the blockade imposed by Marshal Khalifa Haftar on oil exports from Libya, production has continued to climb. It has thus just crossed the symbolic mark of one million barrels per day.
On November 7, the Libyan state-owned petroleum company (NOC) reported that the country’s oil production had crossed the symbolic million barrels per day (bpd) mark against 800,000 barrels per day the week before.
This milestone marks an important step in the resumption of oil production since last September. Before the blockade, the NOC planned to increase production to more than 2 million barrels per day, starting in 2022.
In addition, it should be noted that negotiations are continuing between the governments of the East and the West as well as the belligerent groups to find a lasting political solution and put a definitive end to the security and oil crisis.
Nonetheless, the NOC has warned it may no longer continue to pump at current levels due to work obstructions from entities it did not name.
Source Ecofin Agency