Posted by: ZAWYA
In recent weeks, AGOCO’s production has been fluctuating between around 150,000 and 230,000 barrels per day (bpd), according to an oil source who asked not to be named. On Monday, production stood at 140,000 bpd, well below the more than 320,000 bpd AGOCO was producing in October.
AGOCO, a subsidiary of the National Oil Corporation (NOC), has continued to produce at a high rate from fields in eastern Libya while output from elsewhere in Libya has been hit by years of political turmoil and armed conflict.
Libya’s national output has been hovering around 1 million bpd since June, about four times mid-2016 levels. Along with Nigeria, Libya was exempted from OPEC-led output cuts that were extended in November.