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Libya’s oil production is down by about 1.1 million barrels a day, says minister

Libya’s oil production is down by about 1.1 million barrels a day, says minister

Libya’s daily oil production, which averaged 1.2 million barrels last year, is down by about 1.1 million barrels, Oil Minister Mohamed Oun told Bloomberg on Monday.

That suggests Libya is pumping only about 100,000 barrels a day. It will further tighten supplies in a global market that has seen crude prices surge more than 50% this year to around $120 a barrel.

“Almost all the oil and gas activities in the east of Libya are being shut down,” Oun said. The 40,000 barrel-a-day Wafa field in the southwest is currently the only one with continuous production, he said.