Libya’s Oil Output Surges Above 1M Barrels As Political Standoff Eases
TLDR
- Libya's oil production surpasses 1 million barrels per day after political standoff resolution, hitting 1.067 million barrels.
- Global oil market faces weak demand, but prices surge as conflicts in the Middle East raise supply disruption fears.
- Brent crude sees an 11% surge in the past week, trading close to $80 a barrel.
Libya’s oil production has climbed above 1 million barrels per day for the first time in two months, following the resolution of a political standoff that had severely cut output and exports.
Production reached 1.067 million barrels on Sunday after the eastern government lifted a blockade on October 3, according to sources familiar with the matter.
This increase in output comes as the global oil market grapples with weak demand, though prices rose on Monday due to concerns over escalating conflicts in the Middle East potentially disrupting supply. Brent crude has jumped 11% over the past week, trading near $80 a barrel.
Key Takeaways
Libya, which typically produces over 1.2 million barrels daily, saw its output plunge to under 450,000 barrels in August after the firing of the central bank governor by the UN-recognized Western government triggered an oil shutdown by the eastern faction. Political instability has frequently disrupted Libya’s oil sector as rival factions vie for control of its key economic resource. The restored oil production brings a much-needed boost to global supply, but its volatile political situation continues to pose risks.
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