OPEC Outputs increased by Libya’s production rate
Libya's oil production continues to increase and surpass expectations
The Organisation of Petroleum Exporting Countries (OPEC) released this week its monthly report of exports that revealed an increase of 658,000 BPD in November for a total of 19.5 million BPD, compared to 18.84 million in October.
The report also stated that Libya accounted for 99.5% crude oil production’s increase by OPEC countries in November and 92.6% of the total increase in production by OPEC countries.
The report also showed that Arab countries’ share in OPEC production in November was 0.5% higher than October, reaching 77.7%.
The increase in Arab countries’ production was due to Libya’s faster than expected recovery in oil since the lifting of the blockade on oil facilities, within just months the country’s production reached 1.2 million barrels in November, as opposed to 453,000 in October.
Recently, the 12th OPEC and non-OPEC Ministerial Meeting took place and it was unanimously decided that Libya will continue to be exempt from production cuts that most countries have abided by to accommodate the negative effects the coronavirus pandemic has had on the oil market.
Libya’s oil production came to a near standstill this year for over seven months as a result of pro-Hafter forces enforcing a military blockade on oil facilities which cost the nation billions of the dollars according to Central Bank estimates. After the cease-fire agreement and lifting of force majeure, Libya’s oil production recommenced and rose to over 1.2 million barrels-per-day in record time.
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