Markets

Libyan oil output recovers to 567,000 bpd after outage fixed

Published November 24, 2016 Updated November 24, 2016 03:19pm

LONDON: Libya's oil production has risen by more than 40,000 barrels per day (bpd) to 567,000 bpd after repairs to power supplies to two oilfields, a senior Libyan oil source told Reuters on Thursday.

Production on Wednesday was 60,000 bpd lower at 523,000 bpd because of power faults, now resolved, in the Waha and Dafa fields, NOC said.

It was not clear when the power problems began. Libya lost a further 10,000 bpd because of a blast in a control room at Al-Lahib field early on Tuesday, thought to be caused by a technical fault.

The OPEC member's oil production has been hovering at around 600,000 bpd in recent weeks, after more than doubling since September when eastern military forces took control of several blockaded oil ports from a rival faction.

NOC says it intends to boost production to 900,000 bpd by year end and to 1.1 million bpd next year.

Copyright Reuters, 2016