Libyan crude oil output set to continue rising

Oil

Crude oil output at Libya’s Sharara oilfield has now increased to around 150K b/d, which is approximately half of its maximum capacity, following a ceasefire agreement between the Libyan National Army’s (LNA) and the UN-backed Government of National Accord (GNA) in September, Reuters report. Libya’s largest oilfield initially produced around 40K b/d once force majeure was lifted by the National Oil Corporation (NOC) on October 11, before rising to around 100K b/d at the end of last week. Libyan output is also expected to be boosted by the Abu Attifel oilfield, which has a capacity of 70K b/d, and is due to restart operations on October 24.