Libyan oil behind rise in OPEC output

OPEC oil production increased from its lowest levels this year, on the back of a surge in Libyan oil output, Reuters reported.

The Libyan oil production increased following the settlement of a crisis that left the central bank in uncharted territory.

Libyan output has fully recovered after the country’s eastern-based government and Tripoli-based National Oil Corp (NOC) announced last week the reopening of all oilfields and export terminals.

Libya was producing some 1.2 million barrels of crude per day before production at the Sharara, El Feel, and Essider oilfields was halted in late August.

In September, Libya crude exports averaged 460,000 bpd. According to a Reuters survey, OPEC output clocked in at 26.33 million barrels per day in October, good for a 195,000 bpd increase from September’s clip.