Libya’s Oil Production Returns to Pre-Crisis Levels

Libya’s National Oil Corporation (NOC) announced that oil production has rebounded to near pre-crisis levels, reaching 1.22 million barrels per day (bpd), following the resolution of a dispute over leadership at the central bank. This marks a significant recovery for the country’s oil sector, which had been disrupted in late August and early September when key oilfields, including Sharara, El Feel, and Essider, were forced to halt operations.

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Production has steadily increased, with NOC reporting output of 1.217 million bpd on Thursday, up from 1.158 million bpd the previous day. The latest figures show Libya’s oil sector is on track to reach its previous production levels of 1.3 million bpd, which had been achieved prior to the disruption.

The reopening of oilfields and export terminals came after a breakthrough agreement between Libya’s eastern-based government and the Tripoli-based NOC, signaling a moment of stability for the country’s crucial oil industry. Libya’s oil production is a vital component of its economy, and the restoration of output provides a much-needed boost following the recent turmoil.

This recovery not only stabilizes Libya’s economy but also has broader implications for global oil markets, where the country’s production levels are closely monitored due to their impact on supply.