Libya’s crude oil production is set for a partial gradual recovery sooner than expected after urgent repairs on a pipeline were completed earlier than initially planned, Argus reported on Thursday, citing the National Oil Corporation (NOC). 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. However, with the December 24 presidential election approaching, chaos and clashes returned, and armed factions stopped production at oilfields again. 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 06, 2022 19:05 UTC