Libya’s crude oil, condensate output reaches 1.3M barrels in 24 hours
Date
10/14/2024 4:20:57 AM
(MENAFN) Libya’s National Oil Corporation (NOC) announced on Sunday that its crude oil and condensate production had reached 1.3 million barrels in the past 24 hours, marking a return to pre-crisis levels following a resolution of the country’s central bank dispute. This recovery comes after a period of halted production that had affected key oil fields, but the recent stabilization of operations has restored output to previous capacities.
Last week, the NOC, along with Libya’s eastern-based government, confirmed the reopening of all oil fields and export ports. This development followed a resolution to a dispute centered around the central bank governor, which had led to significant disruptions. The restoration of operations brought Libya’s daily production back to 1.217 million barrels last Thursday, a notable increase from 1.158 million barrels the day before.
Libya was previously producing approximately 1.3 million barrels of crude oil per day before a shutdown in late August and early September affected key fields, including Sharara, El Feel, and Sidra. The temporary halt in operations resulted from internal conflicts between the country’s rival governments, which have been in division since 2014. This state of division has frequently impacted the nation’s ability to maintain stable oil production.
The most recent disruption occurred on August 26, when the government in Benghazi shut down oil fields and halted most exports in protest of the Tripoli-based Presidential Council’s decision to dismiss central bank governor Siddiq al-Kabir. Libya’s oil sector, a key pillar of the economy, has repeatedly been caught in the crossfire of political disputes since the fall of Muammar Gaddafi in 2011, with rival authorities vying for control over the country’s resources.
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