Libya's Oil Production Nears Pre-Crisis Levels Following Central Bank Resolution

Libya's National Oil Corporation announced that oil production has nearly reached pre-crisis levels at 1.22 million barrels per day (bpd), following the resolution of a central bank dispute. Key oilfields and export terminals have reopened, boosting output from 1.158 million bpd to 1.217 million bpd.

Libya's National Oil Corporation (NOC) has reported a significant boost in oil production, reaching 1.22 million barrels per day (bpd) as of Thursday. This development follows the resolution of a central bank crisis that had previously hampered output.

The eastern-based government and Tripoli's NOC announced the reopening of all oilfields and export terminals, following a settlement concerning the leadership dispute over the central bank. As a result, oil and condensate production witnessed a surge, jumping from 1.158 million bpd on Wednesday to 1.217 million bpd on Thursday.

NOC noted that Libya's oil production was around 1.3 million barrels per day prior to disruptions at the key Sharara, El Feel, and Essider oilfields, which were shut down in late August and early September.

(With inputs from agencies.)