Libya’s daily crude output has turned over 1,036,035 barrels a day, according to the country’s National Oil Corporation (NOC).
The National Oil Corporation of Libya said the efforts were achieved under difficult circumstances, particularly the current financial circumstances that the sector has been going through. The Corporation faces big financial difficulties and a huge shortage of its budgets, which has led to accumulation of debts on the sector’s companies and significant delay for the salaries of its service companies.
The company has however asserted that it may not be able to sustain the current production levels and these levels may be reduced or totally ceased due to reluctance of some entities and their hindering of NOC’s efforts to increase production and restore the prosperity of the national economy.
The blockade in January slashed the OPEC member’s oil production to approximately 100,000 bpd from 1.2 million bpd. And on a national scale, it’s needed the country’s petroleum industry represents 95% of its export earnings and 60% of its GDP, according to OPEC.
The resumption of the last of Libya’s oil fields and ports has prompted a revival of the energy industry, with the OPEC nation’s daily output jumping from less than 100,000 barrels in early September and 800,000 in October accordingly.
Oil analysts were reluctant to forecast a robust return of Libyan exports in 2020, though some, such as Goldman Sachs, saw a potential reopening of the country’s oil installations as one of various reasons to doubt a substantial oil rally in 2020.
The industry was shut down in January when loyalists of Khalifa Haftar, a Russian-backed commander trying to defeat the United Nations-approved government of Prime Minister Fayez al-Sarraj, blockaded ports and fields. A cease-fire that’s been in place since June was formalized by representatives of the two parties last October.