Libya’s Oil Recovery Loses Momentum

Libya’s upstream remains mired in strikes, stalling an oil output revival even as the sector seemingly continues to exist in a parallel world to the political reality in the country. After an impressive ramp up of production in recent months, output has slipped below 900,000 b/d, and an increasingly cagey National Oil Corporation (NOC) could not be reached to confirm reports that a strike at an eastern field continues to keep output down.

The end of a blockage of oil terminals in the east had enabled operations to resume at a slew of fields in the oil-rich Sirte Basin, pushing production up from just 150,000 b/d earlier this year, and giving rise to hopes that the 1mn b/d mark would be reached this month. (CONTINUED - 204 WORDS)