Libya’s oil production climbed back above one million barrels per day, after a force majeure that had been in place since the beginning of the year ended.
The North African country is currently pumping 1,036,035 bpd, Libya’s National Oil Corporation said on its website.
The company also said that such production levels may not be sustainable, due to an accumulation of debts from months of shutdown.
"It is worth mentioning that the National Oil Corporation faces very big financial difficulties and a huge shortage of its budgets which led to accumulating of debts on the sector’s companies and significant delay for the salaries of its service companies,” the statement said.
It also said that production may be "reduced or totally ceased” due to political unrest in the country.
Blockades have resulted in lost Libyan oil production worth $6.5 billion since the start of the year and an increase in the cost of rebuilding infrastructure, according to the NOC.
Much of Libya’s oil production was affected by the civil war that led to the overthrow of Muammar Qaddafi in 2011.
Production, which stood at about 1.75m bpd before the conflict, fell by 850,000 bpd in the years that followed as protests and blockades prevented crude exports from leaving the country’s ports.
Libya produced 1.2 million bpd in 2018 and 2019, but its output dwindled to a mere 106,000 bpd in August, according to Opec's secondary sources.
The return of Libyan oil poses a challenge for Opec+ at a time when the group is cutting back a significant volume of output to drain a glut in inventories and stabilise prices.
The alliance, headed by Saudi Arabia and Russia, is currently drawing 7.7m bpd from the markets. The group executed historic supply cuts of 9.7m bpd between May and July to counter a record plunge in demand due to mobility restrictions that were enforced to contain the Covid-19 pandemic.
West Texas Intermediate fell 4.25 per cent to $37.14 per barrel on Friday, while Brent was down 3.62 per cent at $39.45 per barrel as markets factored in the prospects of Democratic candidate Joe Biden becoming the next US President.
Opec+ has so far exempted Libya from participating in the production restriction deal. However, higher output from North Africa's largest producer is likely to raise concerns at the group's next meeting.
The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
Torque: 730Nm at 4,000-7,000rpm
Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
Price: expected to start at Dh1,432,000
The five pillars of Islam
Company: Instabug
Founded: 2013
Based: Egypt, Cairo
Sector: IT
Employees: 100
Stage: Series A
Investors: Flat6Labs, Accel, Y Combinator and angel investors
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
House-hunting
Top 10 locations for inquiries from US house hunters, according to Rightmove
- Edinburgh, Scotland
- Westminster, London
- Camden, London
- Glasgow, Scotland
- Islington, London
- Kensington and Chelsea, London
- Highlands, Scotland
- Argyll and Bute, Scotland
- Fife, Scotland
- Tower Hamlets, London
UAE currency: the story behind the money in your pockets
2024%20Dubai%20Marathon%20Results
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UAE currency: the story behind the money in your pockets
UAE currency: the story behind the money in your pockets
LILO & STITCH
Starring: Sydney Elizebeth Agudong, Maia Kealoha, Chris Sanders
Director: Dean Fleischer Camp
Rating: 4.5/5
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
EXPATS
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COMPANY%20PROFILE
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The 12 Syrian entities delisted by UK
Ministry of Interior
Ministry of Defence
General Intelligence Directorate
Air Force Intelligence Agency
Political Security Directorate
Syrian National Security Bureau
Military Intelligence Directorate
Army Supply Bureau
General Organisation of Radio and TV
Al Watan newspaper
Cham Press TV
Sama TV
India squads
T20: Rohit Sharma (c), Shikhar Dhawan, KL Rahul, Sanju Samson, Shreyas Iyer, Manish Pandey, Rishabh Pant, Washington Sundar, Krunal Pandya, Yuzvendra Chahal, Rahul Chahar, Deepak Chahar, Khaleel Ahmed, Shivam Dube, Shardul Thakur
Test: Virat Kohli (c), Rohit Sharma, Mayank Agarwal, Cheteshwar Pujara, Ajinkya Rahane, Hanuma Vihari, Wriddhiman Saha (wk), Ravindra Jadeja, Ravichandran Ashwin, Kuldeep Yadav, Mohammed Shami, Umesh Yadav, Ishant Sharma, Shubman Gill, Rishabh Pant
The Vile
Starring: Bdoor Mohammad, Jasem Alkharraz, Iman Tarik, Sarah Taibah
Director: Majid Al Ansari
Rating: 4/5
A general guide to how active you are:
Less than 5,000 steps - sedentary
5,000 - 9,999 steps - lightly active
10,000 - 12,500 steps - active
12,500 - highly active
