Libya’s crude oil production has exceeded 1 million bpd for the first time since June, when port blockades and a kidnapping caused production outages that within a month brought production to as little as 670,000 bpd.
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S&P Global Platts cited sources from Libya’s oil industry as saying the improvement came on the back of production growth at the country’s largest producing field, Sharara. Last week, Sharara pumped 218,000 bpd, but this has now grown to more than 250,000 bpd, the sources said.
The field, which has a capacity to pump 340,000 bpd of crude, was shut down in June after a militant group kidnapped four employees. Surrounding fields were also shut down to avoid more kidnappings.