Libya's Oil Production Surpasses 1 Million Barrels

Libya's oil production has surpassed 1 million barrels per day (bpd) for the first time since August, reaching 1.067 million bpd after a political standoff was resolved between rival eastern and western factions regarding the central bank's leadership. The National Oil Corporation reported that production resumed on October 3, following a blockade that had reduced output to approximately 590,000 bpd in August due to political turmoil. The resolution allows Libya to recover significant oil supplies back into the global market amidst concerns over potential supply disruptions from the Middle East. Despite the increase, oil prices have risen due to geopolitical tensions, with Brent crude trading near $80 per barrel. Libya, which typically produces over 1.2 million bpd, faces ongoing challenges from political instability that could affect future output levels. The situation highlights the critical role of Libya's oil sector in the global market and its vulnerability to internal conflicts.