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Libya maintains optimism over oil sector

Production boost expected at 700,000 bpd.
By Daniel J. Graeber Follow @dan_graeber Contact the Author   |   June 11, 2014 at 10:33 AM
| License Photo
VIENNA, June 11 (UPI) -- It's possible Libyan oil production could more than double to 700,000 barrels per day within the next two months, a Libyan delegate to OPEC said Wednesday.

Members of the Organization of Petroleum Exporting Counties met Wednesday in Vienna for a regular conference. Libyan envoy to OPEC Samir Salem Kamal said if major oil fields closed by labor strikes and protests are brought back online, production could increase from the current rate of around 200,000 bpd.

"Libya could get to 700,000 bpd in two months," he said.

The envoy said negotiations were ongoing in an effort to bring closed fields back into production.

The Libyan National Oil Corp. lifted a state of emergency at operations at the eastern Zueitina oil terminal earlier this year. It was in the control of forces vying for more autonomy in the region.

Internal conflicts in Libya have spilled over into the nation's oil sector since civil war ended in 2011. Production before the conflict averaged more than 1.4 million barrels per day.

OPEC highlights production levels from member states, including Libya, when it releases its market report for June later this week.

"We are still a very active member of OPEC," Kamal said. "Production is low because it is out of our control."

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