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Libya’s oil output tops 1 million barrels per day as political impasse ends

Libya’s oil output topped 1 million barrels per day (bpd) on Sunday for the first time since late August, after warring factions reached an agreement on how to elect new central bank leadership. the African OPEC member.

Libya’s oil production stood at 1.067 million bpd on Sunday, unnamed sources with knowledge of the matter told Bloomberg on Monday.

Large-scale crude production resumed on Thursday, October 3, after more than a month of suspended production due to a political standoff between eastern and western administrations in North African producer OPEC.

Libya’s largest oil field, Sharara, was pumping about 240,000 bpd on Sunday, Bloomberg’s sources said.

The end of the Libyan crisis will return several hundred thousand barrels of crude oil per day to the market, which fears a supply shock from the Middle East on the brink of all-out war.

Crude production at most of Libya’s oil fields has been suspended for more than a month after the country’s eastern and western administrations clashed over who should be governor of Libya’s Central Bank.

In late September, the rival factions reached an agreement in UN-brokered talks on choosing the leadership of the Central Bank, paving the way for the restoration of oil production and exports.

Libya, which pumped about 1.2 million barrels a day of oil before the latest political impasse, has been plunged into a deeper political crisis over the row over the leadership of the Central Bank of Libya, the only internationally recognized depository of the revenue oil companies of Libya.

The internationally recognized government in the western capital, Tripoli, was seeking to replace Sadiq Al-Kabir, the governor of Libya’s Central Bank. This led to the latest controversy between Eastern and Western governments and political factions, again threatening to cut Libya’s oil production and exports.

By Charles Kennedy for Oilprice.com

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