Libya's Oil Production Nears Pre-Crisis Levels
Libya's National Oil Corporation (NOC) announced on October 10, 2024, that it is close to restoring its oil production to pre-crisis levels, currently averaging 1.22 million barrels per day. This marks a significant recovery following a halt in production due to political disputes and operational challenges in key oil fields such as Sharara, El Feel, and Sidra. Before these disruptions, Libya was producing approximately 1.3 million barrels daily.
The recent resolution of a governance dispute over the Central Bank of Libya has enabled the NOC to reopen all oil fields and export ports, a crucial step for the country's economy. The production levels rose from 1.158 million barrels per day just a day prior, indicating a positive trend in Libya's oil sector.
This resurgence in oil output comes at a critical time, as global crude markets are experiencing volatility due to geopolitical tensions in the Middle East, particularly the ongoing conflicts in the Gaza Strip and Lebanon. The situation has contributed to rising crude prices, which saw an increase last week, further exacerbated by Hurricane Milton impacting oil supplies in the United States. The Brent crude futures rose by 1.6% to $77.78 a barrel, while U.S. West Texas Intermediate crude futures also increased by 1.6% to $74.40 a barrel.
