Milestone for Libya as Oil Output Hits Million Barrels Daily
- Crude production reaches highest level in almost a year
- With civil war halted, Libya’s oil poses challenge for OPEC+
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Libya boosted oil production to more than 1 million barrels a day, a milestone for the North African country after civil war all but shut its energy industry.
The OPEC member, home to Africa’s largest crude reserves, ramped up production in the past six weeks amid a truce between rival military forces. It was pumping 800,000 barrels a day last week, and the state-run National Oil Corp. said Saturday that output now exceeds the million-barrel level. That’s the first time the landmark has been reached since early January.