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Libya Adds to OPEC's Burden as Output at Highest Since 2014

  • Global producers signal extension in cuts amid oil price slump
  • Libya’s output rises to 796,000 barrels a day: NOC chairman
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Russia Supports Extending OPEC Cuts Beyond 2017

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Libya is pumping the most oil in more than two years as the OPEC member restores output amid progress in mending the nation’s political divisions. The increase adds pressure on the world’s biggest producers who just signaled they may extend production cuts amid a slump in oil.

The North African country’s production has reached 796,000 barrels a day, Mustafa Sanalla, the chairman of state producer National Oil Corp., said Monday in a statement. Libya was producing about 700,000 barrels a day at the end of April, Jadalla Alaokali, an NOC board member, said at the time.