Libya’s reviving oil output passes million-barrel milestone
Libya boosted oil production to more than 1 million barrels a day, a milestone for the North African country after its civil war all but shut down the energy industry at the start of the year.
The OPEC member, which owns Africa’s largest crude reserves, has been ramping up production since a truce took hold last month between rival military forces. It was pumping 800,000 barrels a day last week, and the state-run National Oil Corp. reported on its website Saturday that output now exceeds the million-barrel level — the most since December.
Libya produced less than 100,000 barrels a day in early September. Its resurgence has taken oil traders by surprise and puts pressure on crude prices just as renewed coronavirus lockdowns in Europe stifle energy use. Benchmark Brent crude has slumped 40% this year and ended the week at $39.45 a barrel.
