• 4 mintues Texas forced to have rolling brown outs. Not from downed power line , but because the wind energy turbines are frozen.
  • 7 minutes Forecasts for oil stocks.
  • 9 minutes Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 13 minutes European gas market to 2040 according to Platts Analitics
  • 48 mins Simple question: What is the expected impact in electricity Demand when EV deployment exceeds 10%
  • 4 hours America's pandemic dead deserve accountability after Birx disclosure
  • 2 days Putin blocks Ukraine access to Black Sea after Joe blinks
  • 8 hours U.S. Presidential Elections Status - Electoral Votes
  • 3 days Today Biden calls for Summit with Putin. Will Joe apologize to Putin for calling him a "Killer" ?
  • 23 hours Fukushima
  • 2 days So. Who's for Universal Basic Income?
  • 3 days Biden about to face first real test. Russia building up military on Ukraine border.
Could Iraq Really Become OPEC’s Largest Oil Producer?

Could Iraq Really Become OPEC’s Largest Oil Producer?

Iraqi Oil Minister Abdul-Jabbar announced…

The Future For Oil Producer Romania Looks Bleak

The Future For Oil Producer Romania Looks Bleak

Things were already looking bleak…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Libya’s Oil Production Set To Rise To 260,000 Bpd Next Week

Libya’s National Oil Corporation (NOC) sees oil production rising to around 260,000 barrels per day (bpd) next week, up from some 100,000 bpd before the blockade of its oil ports and oilfields was lifted at the end of last week.

According to an NOC post on Facebook, carried by The Libya Observer, NOC is also proceeding with arranging for oil tankers to start arriving from Wednesday to ship crude from oil ports that are safe and not occupied by armed groups.  

Crude shipments will resume from the ports of Brega and Hariga at first and will be later followed by other ports, depending on the safety and security situation, NOC said.

Over the weekend, Libya’s state oil corporation lifted the force majeure on the oil terminals it considered safe, and said it would restart production from certain fields and some exports of crude oil. NOC will only restart production at “safe” fields and exports from safe ports, the company said.

“Our main concern is to start production and exports taking into account the safety of workers and operations, as well as to prevent any attempts to politicize the national oil sector, which means that the NOC is doing its technical and non-political mission to resume operations in the safe areas and a technical evaluation is under way in preparation for the start of production and exports,” NOC’s chairman Mustafa Sanalla said. Related: Oil Prices Slide As Libya Restarts Production

The head of the Libyan National Army (LNA), General Khalifa Haftar, whose troops, with help from affiliated groups, blockaded Libya’s oil ports in January, announced the end of the blockade on Friday.

The prospect of Libyan oil returning to the oil market struggling with weak demand recovery contributed to the sell-off in oil on Monday.

“Obviously, the global oil market is in a fragile state, given the slower than expected demand recovery, therefore any additional supply is only going to make efforts from OPEC+ to rebalance the market more difficult,” ING strategists Warren Patterson and Wenyu Yao said.

Commenting on Monday’s sell-off in oil, John Hardy, Head of FX Strategy at Saxo Bank, said:

“Together with the expected reopening of Libya’s oil industry, the market took fright with Brent falling to $41/b, the 61.8% retracement of last week’s rally.”

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Mamdouh Salameh on September 22 2020 said:
    While the return of Libya’s oil production will be a welcome development for the Libyan economy and the long-suffering Libyan people, the projected production of 260,000 barrels a day (b/d) will have no impact on global oil supplies or oil prices as it will go towards meeting Libya’s domestic demand.

    Dr Mamdouh G Salameh
    International Oil Economist
    Visiting Professor of Energy Economics at ESCP Europe Business School, London

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News