• 4 minutes Oil Price Editorial: Beware Of Saudi Oil Tanker Sabotage Stories
  • 7 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 11 minutes Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 14 minutes Wonders of Shale- Gas,bringing investments and jobs to the US
  • 7 hours Why is Strait of Hormuz the World's Most Important Oil Artery
  • 7 hours Level-Headed Analysis of the Future of U.S. Shale Oil Industry
  • 15 hours Apple Bid To Buy Tesla in 2013 For $240 a Share
  • 22 hours Struggle For Supremacy: Kremlin Condemns Alleged U.S. Ultimatum To Turkey Over Missile Deal
  • 20 mins Apple Boycott in China
  • 19 hours Trump bogged down in Mideast quagmire. US spent $Trillions, lost Thousands of lives, and lost goodwill. FOR WHAT? US interests ? WHAT INTEREST ? . . . . China greatest threat next 50 years.
  • 20 hours Another surprise 'build'
  • 7 hours California's Oil Industry Collapses Despite Shale Boom
  • 19 hours CLIMATE PANIC! ELEVENTY!!! "250,000 people die a year due to the climate crisis"
  • 19 hours IMO2020 To scrub or not to scrub
  • 19 hours IMO 2020 could create fierce competition for scarce water resources
  • 4 days Some Good News on Climate Change Maybe
  • 20 hours Global Warming Making The Rich Richer
Chinese Oil Buyers Shun U.S. Crude

Chinese Oil Buyers Shun U.S. Crude

Chinese oil traders and refiners…

Bearish EIA Data Sends Oil Lower

Bearish EIA Data Sends Oil Lower

Oil fell on Wednesday morning,…

Libya Restarts Waha Oil Field, Raises Total Output To 580,000 Bpd

Libya Waha oil field

Libya continues to ramp up its oil production, and resumed last week output at the major Waha oilfield, which raised its total crude output to 580,000 barrels per day, Reuters reported on Tuesday, quoting a senior Libyan oil official.

The Waha field is one of the key sources for the Sidra export grade, and the first Sidra grade to resume production. As of Tuesday, Waha was pumping 50,000 bpd, which is being directed to the Ras Lanuf port rather than Sidra due to limited storage capacity, the official told Reuters.

Back in August, before the ports were reopened, Galal Mohamed, head of operations at the company operating the Waha field, Waha Oil Co, told Bloomberg that Waha Oil would be able to pump 75,000 bpd within six months of restarting operations at the field.

According to information by National Oil Corporation chairman Mustafa Suna’a-Allah from Monday, Libya’s oil production has reached 551,000 bpd.

Since the national company lifted the force majeure at the four ports in the so-called Oil Crescent, Libya’s oil output has increased from between 270,000 bpd and 300,000 bpd to close to 600,000 bpd now, which brings the country closer to its target of 900,000 bpd by the end of this year.

Related: $3 Billion Texas Oil Unicorn Readies IPO

As good as this is for Libya, its continuously rising production may be yet another issue for OPEC to tackle in the talks on how to distribute the 32.5 million bpd-33 million bpd production limit proposal among its producer members. Libya, alongside Nigeria, is kind of “exempt” from production cuts, due to the unrest and attacks on oil infrastructure that have crippled the crude output of both countries.

OPEC’s oil production reached a new record of 33.64 million bpd in September, according to the International Energy Agency.

So if the cartel decides to stick to the 32.5 million bpd-33 million bpd band, it needs to collectively cut at least 600,000 bpd to 1 million bpd. And it won’t be Libya that will take an axe to its oil production.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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