Libya’s Oil Production Keeps Falling After Attacks

Libya said it expects its oil production to drop another 200,000 barrels/day after militias shut down the country’s biggest oil field, Sharara, which caused the output to fall by 350,000 barrels/day two weeks ago. The attacks will reduce Libya’s production to 700,000 barrels/day.

The predicament in Libya could disrupt OPEC+’s efforts to boost exports. The organization is expected to proceed with another monthly increase of 400,000 barrels/day to restore supplies halted during the pandemic.

Libya’s state-owned National Oil Corp. (NOC) said the main pipeline connecting Samah and Dhuhra fields to the country’s biggest export terminal will be shut down for maintenance until next week.

Libya had been producing 1.2 million barrels a day on average last year, with a target of reaching 2 million barrels/day in six years. But the NOC said it needed funds to sustain that level of production.

The Libyan government has been trying to attract billions of dollars of investment from foreign energy companies, including France’s TotalEnergies and Italy’s Eni.

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