Libyan crude output continues to make gains and plans are being put into place to build new production capacity. But a lack of security and continuing political instability is taking an increasingly attritional toll on oil investor sentiment.
On 22 October, crude production hit 1.606mn b/d, state-owned NOC said. If sustainable this would be up around 50,000 b/d on recent post-war highs and would rival pre-revolution output levels. Gas gains were still more impressive, registering 2.393bn cfd, up some 200mn cfd on levels earlier this year. Condensate output stood at 57,700 b/d, while crude exports for the seven days 11-17 October were 1.117mn b/d, with foreign oil investors lifting some 341,000 b/d. (CONTINUED - 1000 WORDS)