Libya’s NOC says oil production to rise as it seeks to revive oil industry

  • Date: 23-Sep-2020
  • Source: Zawya
  • Sector:Oil & Gas
  • Country:GCC
  • Who else needs to know?

Libya’s NOC says oil production to rise as it seeks to revive oil industry

LONDON- Libya's National Oil Company said it expected oil production to rise to 260,000 barrels per day (bpd) next week, as the OPEC member looks to revive its oil industry, crippled by a blockade since January.Oil prices fell around 5% on Monday, partly due to the potential return of Libyan barrels to a market that's already grappling with the prospect of collapsing demand from rising coronavirus cases.Libya produced around 1.2 million bpd - over 1% of global production - before the blockade, which slashed the OPEC member's output to around 100,000 bpd.NOC, in a statement late on Monday, said it is preparing to resume exports from "secure ports" with oil tankers expected to begin arriving from Wednesday to load crude in storage over the next 72 hours.As an initial step,