Libya’s oil production has exceeded 1.2 million barrels per day (bpd). It is reported that the development paves the way for OPEC+ to reconsider its plans to ease the current cuts of 2 million bpd from next year. The country’s oil production has touched the 1.215 million bpd mark.
National Oil Corporation (NOC), told the media, “The weekend that oil production had already topped 1 million bpd but warned that these levels might not be sustainable. The National Oil Corporation asserts that it may not be able to sustain the current production levels and these levels may be reduced or totally ceased under the reluctance of some entities and their hindering of NOC’s efforts to increase production and restore the prosperity of the national economy.”
The oil production in the country started to surge in mid-September after self-implemented restrictions on the country’s oil fields and terminals were lifted. The oil production surged from below 100,000 bpd during the blockade to as much as 500,000 bpd in the middle of October, after the curb.
It is reported that the OPEC members exempted from the cuts will not take part in the OPEC+ quotas unit. The output shows signs of rebound amid Libya’s oil production boost.
The global oil market has been expressing concerns over the return of Libyan oil. The OPEC+ has also been expressing concerns because of a gloomy oil demand forecast due to the second wave of the virus.