Libya to increase oil production to 1.2 million bpd in two weeks

Libya’s National Oil Corporation (NOC) aims to bring back production to 1.2 million barrels per day (bpd) in two weeks, NOC said in a statement early on Saturday.

Current oil production is at 860,000 bpd, compared with 560,000 bpd before resuming production, NOC added.

Libya’s crude production had resumed at several oilfields, after lifting force majeure on oil exports last week.

A blockade of oil output by groups aligned with eastern commander Khalifa Haftar had cut off funding to the Tripoli-based Government of National Unity (GNU) led by Prime Minister Abdulhamid al-Dbeibah. But last week Dbeibah appointed a new state oil company chief, said to be an ally of Haftar, leading to a swift end of the blockade.

“NOC is striving to increase production and bring it back to its normal rates of 1.2 million barrels per day in two weeks,” according to the statement.

The Libyan oil ministry had said earlier that production is at more than 800,000 (bpd) and will reach 1.2 million bpd by next month.

The country’s oil exports at times last year reached 1.2 million bpd.