Libya's oil output nears 1 million bpd, highest in four years

Source: 
Reuters
June 29, 2017
Libyan oil production is fluctuating between 950,000 barrels per day (bpd) and "close to" 1 million bpd, rising from around 935,000 bpd earlier this week, a Libyan oil source with direct knowledge of the matter told Reuters on Thursday. Production has been fluctuating mainly due to technical and power generation problems, the source said, declining to be named because he was not authorized to speak to the media. At near one million bpd, Libya has succeeded in beating a production target the National Oil Corp (NOC) announced recently by a month, the source added. The source said that production should stabilize at the higher end of the range "very soon". Also on Thursday, oil began to be pumped from storage tanks at Al-Majid field, which has been closed for eight months because of power problems, said Omran al-Zwai, a spokesman for Arabian Gulf Oil Company (AGOCO), an NOC subsidiary that operates the field