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Libya's oil comeback continues

CommoditiesDec 26, 2016 04:01PM ET
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© Reuters. Recovering from terrorism, revolution.

Investing.com - Libya's oil production comeback continues. The revival of the Libyan oil sector began earlier this year, after a disastrous four years of civil war and terrorist attacks following the fall of dictator Muammar Gaddafi.

Analysts indicate General Khalifa Haftar’s emergence as a power in Libya has seen the petrostate remake its role in international oil politics by grabbing an exemption to the production freeze orchestrated by OPEC last month.

The latest forecasts place national production at 900,000 barrels per day in Libya during the next couple of months.

That's a more than 30% increase on the 600,000-barrel rate the country is currently pumping.

Haftar’s Libyan National Army (LNA) has been fighting off small-scale revolts.

The U.N.-backed Government of National Accord (GNA) governs the western half of Libya, from Tripoli.

Under the influence of the new administration, the faction of the Petroleum Facilities Guard (PFG) that oversees major pipelines fed by the Al-Feel field has lift a two-year blockade on the transmission of oil.

This could add more than 400,000 barrels per day to Libya’s oil production, and according to Khalid Shakshak, the head of the Libyan Oil Audit Bureau.

Reopening that particular pipeline would resolve 70% of Libya’s economic problems, he said in an interview with the trade press.

Libya's oil comeback continues
 

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