Bloomberg: Libya's oil production has hit 500K bpd

oil and gas - October 18, 2020

The Libyan daily oil production has increased to around 500.000 barrels, according to people familiar with the situation, reported Bloomberg.

The newspaper indicated that Sharara, the country’s biggest oilfield, is pumping roughly 110,000 barrels a day, according to two people with knowledge of the situation, who asked not to be identified because they’re not authorized to speak to media.

“The southwestern deposit, which has a capacity of 300,000 barrels daily, restarted on Sunday.” Bloomberg explained, citing its own sources.

Libya was producing 1.2 million barrels a day before tribal gunmen, loyal to Khalifa Haftar, blockaded oil ports and fields as a pressing card to use in the then-going war in Tripoli.

Libya is home to Africa’s largest crude reserves and the return of its barrels is weighing on oil prices just as tighter virus restrictions in many countries sap demand for energy.

JPMorgan Chase & Co. forecasts that Libyan output could hit 1 million barrels a day by March, though that will depend on the truce holding.

Libya’s oil exports averaged 385,000 barrels daily in the first two weeks of this month, up from 213,000 barrels a day for all of September, according to tanker-tracking data monitored by Bloomberg, which said that many of those shipments are from storage tanks at ports, rather than freshly-pumped crude, the report added.

'Al-Zawiya port, which handles Sharara’s crude, is set to load 630,000 barrels this month on to the tanker Aegean Nobility, according to an initial loading plan; the exports will be the first from the port since January. The two eastern oil ports of Es Sider and Ras Lanuf, the country’s largest and third-biggest respectively, are still closed. Brega is set to export three cargoes next month.' Bloomberg explained.

libyaobserver



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