Libya's production of crude and condensates has risen above 1.4 million barrels a day, the country's oil chief said Thursday, as a faster-than-expected recovery in the North African country brings much-needed relief to markets jittered by tensions with Iran.
Libya's production of crude and condensates has risen above 1.4 million
barrels a day, the country's oil chief said Thursday, as a faster-than-expected
recovery in the North African country brings much-needed relief to markets
jittered by tensions with Iran.
Speaking to Dow Jones Newswires, Nuri Berruien, chairman of Libya's National
Oil Co., said that crude production now stands at 1.375 million barrels a day
and condensates at 62,000 barrels a day.
According to the authoritative
International Energy Agency
,
Libya
produced 1.69 million barrels of crude and condensates in January 2011 before a
civil war shut down all exports from the key oil supplier to
Europe
.
But following the toppling of Libyan leader Moammar Gadhafi, the North African
nation has ramped up production faster than expected.
Berruien said the production is all exported, bar 140,000 barrels a day used
for local refining. Much of the oil is going to the
Mediterranean
,
which is set to suffer from a phased ban on Iranian oil imports. Oil prices
already reached a six-month intraday high Wednesday on reports--later
denied--that
Tehran
had
preempted the embargo and cut supplies to six European nations.
Berruien said the giant Ras Lanuf refinery, which processed 195,000 barrels a
day just before the war, is expected to restart mid-next month, absorbing
resurgent production from the eastern Sarir and Misla fields.
That should bring production slightly above 1.5 million barrels a day at the
end of March, Berruien said.
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