OPEC increased its production in September on news of the recovery of Libya’s oil outputs, while the Organization of Petroleum Exporting Countries pledged to scale up their production too.
According to Bloomberg, OPEC has grown its production to 29.89 million barrels a day, meaning an increase of 230 thousand barrels, with about half of the gains coming from Libya.
OPEC member states and allies are meeting next Wednesday in Geneva to discuss reducing production by around one million barrels per day. The meeting will be the first in-person gathering for the group since 2020 due to the Corona pandemic.
Libya managed to boost its oil production following an agreement between the Government of National Unity and some tribal groups in the eastern region in July 2022 that led to the reopening of major oil fields and ports after being closed in April of the same year.
The National Oil Corporation is seeking to increase Libya’s production to two million barrels per day, according to a statement by its chairman Farhat bin Qadara.
