Libya’s National Oil Corp. (NOC) is defying expectations and looks set to hit its production target of 1 million barrels per day by December with current output estimated at some 850,000 b/d. Oil sales are a lifeline with revenue losses to Libya’s economy reaching some $130 billion, the central bank has said. Libya’s oil is finding eager buyers despite an oversupplied market, which will concern Opec- plus as it tries to balance the global market and support prices (p3). Yet Libya’s production remains unpredictable, with the risk of another blockade still possible given NOC does not have security con- trol over its fields and ports while a political solution to Libya’s civil war remains distant.
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