Libya's Oil Poised to Hit 6-Year High After Field Restarts

(Bloomberg) -- Libya’s oil output is on track this month to hit an almost six-year high after the country resumed production at its biggest field on Tuesday.

The OPEC member is pumping 1.17 million barrels of crude a day, according to Bloomberg calculations of data from several people with knowledge of field operations. This figure includes 200,000 barrels a day from the recently restarted Sharara field, with volumes from the southern Libyan reservoir expected to rise to 300,000 barrels this week.

Rising Libyan output is complicating efforts by the Organization of Petroleum Exporting Countries and allies to reduce output and avert a supply glut. Libya was exempt from the cuts because of its internal turmoil. The producers’ group will meet again in April to discuss whether to continue the supply reductions in the second half.

Below is a breakdown of Libyan production according to the people, who asked not to be identified because they aren’t authorized to speak to media. A spokesman for Libya’s National Oil Co. declined to comment.

To contact the reporters on this story: Salma El Wardany in Cairo at selwardany@bloomberg.net;Hatem Mohareb in Cairo at hmohareb@bloomberg.net

To contact the editors responsible for this story: Nayla Razzouk at nrazzouk2@bloomberg.net, Mohammed Aly Sergie, Bruce Stanley

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