Libya’s Oil Revival Gathers Pace to Highlight Risks on OPEC Deal
- Rising output highlights risks to OPEC supply-management plan
- Nation now pumping 125,000 barrels a day more than in October
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Libya, the holder of Africa’s biggest crude reserves, is ramping up output from its biggest oil field again after two years of internal conflict, the latest reminder of just how vulnerable OPEC’s quest to clear a global crude glut might be.
The Sharara deposit in the Libya’s south west will ship almost 1.9 million barrels this month from its Zawiya port near Tripoli, according to a loading program obtained by Bloomberg. That compares with a pumping rate from the field of almost 9 million barrels a month as recently as late 2014, before internal conflict halted flows.