Libyan Oil Output Creeps Higher Ahead of OPEC Decision on Cuts
- N. African producer pumps more than 814,000 barrels a day: NOC
- Increase adding pressure on producers seeking to clear a glut
Saudis, Russia Favor Prolonged Oil Production Cuts
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Libya is ratcheting up oil output with less than two weeks to go before the world’s biggest exporters decide whether to extend production cuts to clear a supply glut.
The OPEC member with Africa’s largest crude reserves is pumping more than 814,000 barrels a day, thanks partly to rising output from two fields that re-started last month, Jadalla Alaokali, a board member at the National Oil Corp., said Sunday by phone. Libya was producing about 700,000 barrels a day at the end of April, he said at that time. Output from the politically divided country is at its highest since October 2014 when it pumped 850,000 barrels a day, data compiled by Bloomberg show.