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Bloomberg: Libya is to reach a three-year high in two months

Output is expected to grow from 540,000 to 900,000 barrels per day by December.

12.Oct.16 12:32 PM
By Alesya Davydova


Bloomberg: Libya is to reach a three-year high in two months

Libyan oil production is expected to jump to a three-year high by December of this year. Bloomberg explains that the country’s fields have now been restarted and ports reopened after five years of armed conflict crippled sales and that gives a hope that Libya’s energy industry will soon recover.

Libya’s National Oil Corp. Chairman Mustafa Sanalla is sure that the country’s oil production will grow to 900,000 barrels a day from the today’s 540,000 barrels by the end of this year. According to data compiled by Bloomberg, that would become the highest oil production since June 2013.

Oil output started increasing after the National Oil Corporation reached an agreement with Khalifa Haftar, commander of the armed forces controlling key oil ports, last month. Their decision resumed oil shipments from the country’s main ports.

Last month Libya sent the first export cargo of crude oil since 2014. The Seadelta tanker bound for Italy had shipment totaled 776,000 barrels.

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