Libya’s recovering oil production is pushing the Organization of the Petroleum Exporting Countries (OPEC) to register yet another 2017 high, an OPEC survey carried out by S&P Global Platts stated.
Libyan production averaged 990,000 b/d in July, which is a rise of 180,000 b/d from the previous month, increasing OPEC’s collective output with 920,000 b/d above its nominal ceiling of around 31.9 million b/d.
Libya has been marred by political instability that initiated in 2011, leading to massive slump in its oil production rates over the past six years.
However, an agreement deal that was reached by the country’s two main political factions led to relative stability, enabling the North African state to slowly regain its production capacity.
Encouraged by the political development, OPEC exempted Libya from production cuts that began last January, as the Libyan state-owned National Oil Company is aiming at reaching its 1.25 million b/d target by the end of 2017.
While Saudi Arabia’s July production reached 10.05 million b/d, Iraq’s output grew to 4.48 million b/d, followed by Iran with 3.82 million b/d.
UAE’s production similarly grew to reach 2.89 million b/d during the same month.