Home / Economy / Bloomberg Libya surprised the market with the speed with which they were able to restore oil production.

Bloomberg Libya surprised the market with the speed with which they were able to restore oil production.

Libya has boosted its oil production by more than 1.1 million barrels per day, gradually approaching the level it was producing before the war in the country began.

And Bloomberg said that Libya’s production poses an “unwelcome” challenge to OPEC, which was to increase production by about two million barrels per day in January as part of a plan to ease cuts that began in May at the height of the Coronavirus pandemic.

The agency stated that Libya increased production in the Al Sharara and Al Waha fields for the first time since last January, and will export additional barrels to global markets by one million barrels per day this month.

In this context, “Bill Farren Price”, director at the “Envirus Research” company, said that the National Oil Corporation and its partners surprised the markets with the speed with which they were able to restore the stalled oil production, pointing out that Libya has overcome its crisis and everything now depends on the ability to install the ceasefire according to him.

It is worth noting that the National Oil Corporation announced in mid-October that the state of force majeure had been lifted in all oil fields and ports in Libya, after the ceasefire agreement in Geneva.

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