Libya oil production reaches three-year high

Libya oil production reaches three-year high

Oil production in Libya is currently running at 715,000 barrels a day, the highest levels since 2014, as the nation continues to repair the damage caused by a period of intense military conflict following the overthrow of Colonel Gaddafi.

These figures are set to increase further as blockades of Libya’s primary oil ports have ended, while the state has gained exemption from OPEC’s recent agreement to cut production levels in key oil producing countries.

The National Oil Corporation’s chairman Mustafa Sanalla told associates at a conference in London that Libya’s output could reach 1.25 million barrels a day by the end of 2017.

“Every single major oil-export route is now open, although some are operating at significantly reduced levels due to damage suffered in conflicts,” he said. “For the moment the oil is flowing. This can be an important foundation of stability in Libya, if we build on it.”

Oil reserves in Libya are among the largest in Africa, with industry leaders hoping that production can return to the highs of 1.6 million barrels a day, prior to the political revolt of 2011.