Global oil price indices such as Brent Crude and WTI

Libya's Oil Production Hits 1.363 Million Bpd, Highest Since 2013, Boosting OPEC Output

Nov 1, 2024, 02:17 PM

Libya's oil production has reached 1.363 million barrels per day, the highest level since 2013, according to the Prime Minister of the National Unity Government, Al Dbiba. This significant increase follows the resolution of a brief political crisis that had previously halted output. The restoration of Libya's oil production has contributed to a rise in OPEC's overall oil output last month. A recent survey indicates that OPEC's oil output recovery is expected to have significant implications for the global oil market. Additionally, Libya added 500,000 barrels per day after resolving a central bank feud, while Iraq cut its production by 90,000 barrels per day as it approached its production quota.