Libyan oil output highest since January

Production rose past 500,000 bpd, OPEC says.
By Daniel J. Graeber   |   Aug. 8, 2014 at 10:07 AM   |   Comments

VIENNA, Aug. 8 (UPI) -- Libyan oil production is at its highest level since the beginning of the year, the Organization of Petroleum Exporting Countries said Friday.

OPEC said in its latest monthly market report crude oil production from member states averaged 29.9 million barrels per day. Production fell primarily in member states Iraq and Angola, while production increased from Libya and Saudi Arabia.

Libyan Prime Minister Abdullah al-Thinni told U.S. Secretary of State John Kerry in Washington his government "has managed to solve" the oil crisis plaguing what was once one of North Africa's top oil producers.

OPEC said in its market report Libyan crude oil production has doubled since June.

"Libyan production rose past 500,000 barrels per day for the first time since January," the report said.

OPEC data show Libyan crude oil production reached a post-war peak of around 1.4 million bpd in 2013, before starting a precipitous decline toward the historic low of 213,000 bpd in March.

Libya's new parliament met for the first time Monday about 900 miles east of Tripoli, where pro-government forces are battling heavily armed militias.

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