Libya’s oil production made a remarkable recovery
Libya’s oil production has reached 1.215 million barrels per day (bpd), according to Reuters, adding that the daily oil production has made a remarkable recovery.
The National Oil Corporation (NOC) announced on November 7, that the oil production had exceeded the threshold of one million bpd, however, Libya's oil production has continued to increase steadily, since October 26, as the NOC lifted the state of force majeure on the last closed oil facilities.
The remarkable recovery has posed a challenge to the Organization of the Petroleum Exporting Countries and its allies (OPEC+), as it is scheduled to hold a ministerial committee meeting on November 17.
OPEC+ countries may recommend adjusting production quotas in its next meetings of all the group's ministers on November 30 and December 01.