Libya’s Oil and Gas Minister Mohammed Oun has said that oil production in the county is now down to 100.000 barrels per day (bpd) from 1.2 million bpd, according to Stephen Innes, managing partner at SPI Asset Management, who was reported by Reuters.
Innes said discussion within the oil complex still revolves around Libya's decline in production, China continuing to impose measures to slow the spread of COVID, and concerns around global recession woes driving demand destruction.
Supply tightness has been aggravated by a drop in exports from Libya amid a political crisis that has hit output and ports, Reuters said.
On May 25, Oun said Libya was losing 550.000 to 600.000 bpd and added that normal production rates reaching 1.2 million bpd could be attained of operations returned to normal.
Libya’s Oil and Gas Ministry urged last Sunday all political actors to open oil fields and ports to end the suffering of Libyans and save the country from bankruptcy as well as from being indebted to the World Bank.