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Libya’s oil production hits 500.000 bpd, Bloomberg says

The Libyan daily oil production has increased to around 500.000 barrels, according to people familiar with the situation, reported Bloomberg.

The newspaper indicated that Sharara, the country’s biggest oilfield, is pumping roughly 110,000 barrels a day, according to two people with knowledge of the situation, who asked not to be identified because they’re not authorized to speak to media.

“The southwestern deposit, which has a capacity of 300,000 barrels daily, restarted on Sunday.” Bloomberg explained, citing its own sources.

Libya was producing 1.2 million barrels a day before tribal gunmen, loyal to warlord Khalifa Haftar, blockaded oil ports and fields as a pressing card to use in the then-going war in Tripoli.

Libya is home to Africa’s largest crude reserves and the return of its barrels is weighing on oil prices just as tighter virus restrictions in many countries sap demand for energy.

JPMorgan Chase & Co. forecasts that Libyan output could hit 1 million barrels a day by March, though that will depend on the truce holding.

Libya’s oil exports averaged 385,000 barrels daily in the first two weeks of this month, up from 213,000 barrels a day for all of September, according to tanker-tracking data monitored by Bloomberg.

Many of those shipments are from storage tanks at ports, rather than freshly-pumped crude, the report added.

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