{"id":184629,"date":"2021-01-15T22:27:41","date_gmt":"2021-01-15T22:27:41","guid":{"rendered":"https:\/\/www.bnreport.com\/?p=184629"},"modified":"2021-01-15T22:27:49","modified_gmt":"2021-01-15T22:27:49","slug":"libya-increases-oil-production-by-136000-b-d","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/libya-increases-oil-production-by-136000-b-d\/","title":{"rendered":"Libya increases oil production by 136,000 b\/d"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Libya resumed it full oil production after a break that lasted for several months since the beginning of 2020.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.opec.org\/opec_web\/en\/\">OPEC <\/a>said production increased by 278,000 b\/d in December 2020, as several member states, led by Libya and Iraq, increased their output.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The organization stated in its monthly report that its oil production increased to 25.362 million b\/d during December 2020, compared to 25.083 million b\/d in November.<\/p>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>A UN sponsored agreement<\/strong><\/h5>\n\n\n\n<p class=\"wp-block-paragraph\">Last October, Libya\u2019s warring parties (Government of National Accord and the Libyan National Army) reached a permanent ceasefire agreement between the, at the United Nations headquarters in Geneva.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Libyan agreement contributed to the stability of the security situation and the recovery of state sectors, most notably the energy sector.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">OPEC said seven countries increased their production over the past month. Libya increased its oil production by 136,000 b\/d.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Libya now produces 1,224 million b\/d. This led to an increase in OPEC\u2019s production at the end of last year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The country is one of the member states exempt from commitment to production quotas.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">OPEC+&#8217;s members agreed to reduce their production to maintain prices, especially Russia and Kazakhstan.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, Minister of Energy of Kazakhstan said Russia and Kazakhstan will be allowed to increase their production together by 75,000 b\/d in February and March.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Russia and Kazakhstan sought to increase the group\u2019s production by 500,000 b\/d in February. Others state members refused such increase.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Iraq and the UAE increased their crude oil production by 76,000 and 63,000 p\/d, respectively.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Equatorial Guinea production increased by 24,000 b\/d, Iran increased its production by 20,000, and Venezuela by 17,000.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">On the other hand, six countries reduced their production last December, most notably Nigeria, by 28,000 b\/d, and Angola and the Congo by 14,000 barrels each.<\/p>\n\n\n\n<h5 class=\"wp-block-heading\"><strong>The Saudi cut<\/strong><\/h5>\n\n\n\n<p class=\"wp-block-paragraph\">The Kingdom of Saudi Arabia had announced its intention to voluntarily implement <a href=\"https:\/\/www.bnreport.com\/saudi-arabia-to-further-cut-oil-output-for-the-next-two-months\/\">additional cuts<\/a> in its oil production, amounting to one million p\/d for the next two months, in light of its fear of the repercussions of the outbreak of Coronavirus.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Saudi production remained largely stable during December at 8.964 million b\/d.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Closures and the suspension of air transport have affected global oil demand during the year 2020.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Oil production decreased by nearly 9.8 million b\/d.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">OPEC forecasts that demand will increase by 5.9 million b\/d this year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Libya resumed it full oil production after a break that lasted for several months since the beginning of 2020. OPEC said production increased by 278,000 b\/d in December 2020, as several member states, led by Libya and Iraq, increased their output. The organization stated in its monthly report that its oil production increased to 25.362 [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":184630,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[797,169],"class_list":["post-184629","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-libya","tag-oil"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Libya increases oil production by 136,000 b\/d - BNReport<\/title>\n<meta name=\"description\" content=\"BNReport - Business - Libya resumed it full oil production after a break that lasted for several months since the beginning of 2020.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/libya-increases-oil-production-by-136000-b-d\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Libya increases oil production by 136,000 b\/d - 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