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Libyan oil production nears 300.000 bpd

Libya’s oil output has risen to 295,000 barrels following a ceasefire in the country and the lifting of a blockade on energy facilities.

Fields that feed the newly restarted eastern ports of Hariga, Brega and Zueitina are ramping up production, according to a person with knowledge of the situation.

Output was 250,000 barrels a day a week ago and will rise further as ships dock and load crude from storage tanks, allowing fields to pump more, the person said.

Libya’s restart is weighing on oil prices just as traders become more bearish about the outlook for energy demand with many nations introducing stricter restrictions to curb the Coronavirus pandemic.

Brega is set to export 1.8 million barrels in October via three cargoes, according to a loading program. Zueitina is set to load five cargoes. Hariga has loaded two tankers of one million barrels each in the past two weeks.

The loading programs are preliminary and Libya may export more than the schedule suggests.

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