Libya’s Oil Production Nears 4 Year High

By Tsvetana Paraskova

It looks like Libya is right on track to reach its goal to raise crude output to 1 million bpd by the end of July, in what would be a boon for its crippled oil production and a headache for fellow OPEC members that are desperately trying to draw down the glut with production cuts.

Oil production in Libya—which is exempt from OPEC’s production cut quotas—is currently at a four-year high, ranging between 950,000 bpd and “close to” 1 million bpd, up from some 935,000 bpd earlier this week, Reuters reported on Thursday, quoting a Libyan oil source with direct knowledge of the matter.

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Source: http://oilprice.com/

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