Libya’s oil production has slumped to 780,000 barrels per day after maintenance work on a pipeline shut down 200,000 bpd output this week, adding to outages due to blockades at four oilfields since the end of December. Libya currently pumps around 780,000 bpd, a source at the National Oil Corporation (NOC) told Argus on Tuesday. To compare, the OPEC member exempted from the production cuts due to its volatile security situation produced 1.14 million bpd of crude oil in November 2021, according to the latest Monthly Oil Market Report (MOMR) from OPEC. In recent months, Libya’s oil production and exports had enjoyed relative stability, and the country planned to raise crude output, a crucial source of state income but also the bone of contention in the allocation of said oil revenues. On December 20, Libya declared force majeure on its oil exports after crude oil production had been shut in from four of Libya’s oilfields, including the largest 300,000-bpd El Sharara field.

Source: Libya Today January 04, 2022 18:24 UTC