Libya’s oil production highest since October 2014

Libya’s oil production highest since October 2014

Libya is pumping the most oil since October 2014 as the OPEC member restores output amid progress in mending the nation’s political divisions. The increase adds pressure on the world’s biggest producers who just signaled they may extend production cuts as oil slumps, Bloomberg reported on Monday.

According to Bloomberg, Libya’s production has reached about 780,000 barrels a day, according to a person familiar with the situation who asked not to be identified for lack of authorization to speak to the media. Libya was producing about 700,000 barrels a day at the end of April, Jadalla Alaokali, a board member at state producer the National Oil Corp., said then.

A revival in Libyan output adds to the challenge that the Organization of Petroleum Exporting Countries and other major producers face after agreeing last year to pump less crude to stem a glut and shore up prices. In separate statements just hours apart on Monday, Saudi Arabia and Russia said publicly for the first time they would consider prolonging their output reductions for longer than the six-month extension OPEC is widely expected to agree to when the group meets on May 25. Libya was exempted from OPEC’s cuts because of its internal strife, added Bloomberg.

Political divisions, clashes between armed groups and closures of fields have disrupted output in Libya as the country with Africa’s largest crude reserves struggles to revive its most vital industry, it also indicated.

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