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Libya Faces Pressure to Join Supply Cut Agreement as the Country’s Oil Output Rises
Libya’s oil output is on the rise, with production reaching about 950,000 b/d, Reuters reports. The country was pumping 1.05M b/d in August, before an armed group caused disruptions to the Sharara oil field, the nation’s biggest field, forcing the state to shut it down. Sharara field has a capacity of 270,000 b/d, and since its closure it has recovered to 230,000 b/d and expected to rise further. OPEC members have expressed their concern over the rising production in Libya and Nigeria, the only OPEC countries exempt from the supply cut pact, and claim this complicates the group’s effort to re-balance the oil market and prop up prices. UAE Energy Minister Suhail Al-Mazrouei claims tht Libya may be asked to join the agreement next time OPEC meets.