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UPDATE 1-Libya's oil output tops one million barrels per day
June 30, 2017 / 12:05 PM / 5 months ago

UPDATE 1-Libya's oil output tops one million barrels per day

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LONDON, June 30 (Reuters) - Libya’s oil production has risen to 1.012 million barrels per day (bpd), a Libyan oil industry source told Reuters on Friday, topping one million barrels for the first time in four years.

State-owned National Oil Corporation (NOC) had targeted reaching one million bpd by the end of July.

Output has been helped by an interim deal with Germany’s Wintershall to resume production amid a contract dispute.

On Thursday, the same source said production had been fluctuating between 950,000 bpd and close to 1 million bpd due to technical and power generation problems.

He expected production to stabilise at the higher end of that range “very soon”.

Libya’s oil sector has been dogged by unrest since the overthrow of leader Muammar Gaddafi in 2011.

A power struggle involving various tribal, military and political factions has since affecting oil infrastructure through port blockades and pipeline shutdowns.

Libya, along with Nigeria, is exempt from a deal between the Organization of the Petroleum Exporting Countries and non-OPEC producers to curb output by around 1.8 million bpd.

Reporting by Ahmad Ghaddar; editing by Jason Neely

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