Libya's oil production below pre-war level

July 31, 2012 at 8:14 AM   |   0 comments

WASHINGTON, July 31 (UPI) -- Libyan oil production increased around 600 percent compared with last year though it's still short of pre-war levels, a U.S. Energy Department review said.

Libyan oil production by August 2011 was halted by war. NATO forces last year enforced a no-fly zone over the country in response to assaults on civilians by the regime of Libyan leader Moammar Gadhafi.

The U.S. Energy Department's Energy Information Administration, in its monthly review, reported that production by December 2011 had rebounded to 800 million bpd. The report said that by April 2012, Libya oil production was at 1.4 million bpd.

Libya oil production peaked in 1973 at 2.2 million bpd before settling at 1.6 bpd by 2009.

Before sanctions on Iran went into force, International Energy Agency Executive Director Maria van der Hoeven told CNBC on the sidelines of an international energy conference in Malaysia there was "a lot of extra oil in the market."

She suggested it was unlikely that the IEA would call for another strategic release in response to any potential Iranian obstacles.

The EIA reported Iranian oil production declined steadily for the year, settling at 3.6 million bpd for April, a 13.8 percent decline from the same time last year.

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