Libyan oil output fell to a post-war low of 210,000 b/d in November, according to the latest Bloomberg estimates as armed protesters disrupt efforts by the oil industry to resume production.
Meanwhile after the Libyan army threatened to use force against armed protesters, the country’s Oil Minister told reporters at an OPEC meeting that he was “optimistic” that pressure on protesters to allow the resumption of production would see Libyan oil output restored to 1.5 million barrels per day (bpd). Then suggesting that all its oil ports would reopen by 10th December the minister estimated that full oil production would resume about a week later.
According to VTB Capital oil strategist Andrey Kryuchenkov “I can’t see Libya reopening all the ports quickly, and then it would take much longer to get back up to 1.5 million bpd full output.”
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