Tag Archives: Libya

Nigeria would support an output cap for itself at 1.8 million b d and would continue to be responsible with its production.

Libya and Nigeria. both OPEC member states are exempted from the obligation to cut production within the deal.

At the beginning of last month. Sharara had resumed production following a two-week halt.

Libya and Nigeria have collectively added about 550.000 bpd since the original deal was agreed to last year.

Iran was also treated preferentially in the original negotiations.

Libyan output had also recovered to reach an average of 990.000 b d in July. its highest level in three years. up 180.000 b d in June. according to the latest S&.P Global Platts OPEC survey.

Sharara. which was producing around 280.000 barrels per day. had been shut a week ago.

It may be a challenge for Libya to maintain its current rate of exports.

Oil production has risen amid efforts to shift excess supplies.

OPEC members Libya and Nigeria have boosted production since they were exempted from an OPEC-led deal to cut output. weighing on global prices.