Libya's national oil company, National Oil Corporation (NOC), has increased its daily production to 800,000 barrels per day. To add to that, chairman Mustafa Sanalla said that by the beginning of 2021, it may even reach 1.3 million bpd.
"We are very keen in coordinating with our OPEC colleagues," Sanalla said in an interview last Saturday. "We want to achieve a balance between supply and demand as well."
At the moment, Libya's share in OPEC is 1.7 million barrels per day.
Although the NOC aims to increase production to 1 million bpd next month, the ambition to reach 1.6 million by the end of 2021 depends on the resources that the Ministry of Finance will allocate to the company.
Earlier, the industry shut down because of the conflict between Khalifa Haftar and Prime Minister Fayez al-Sarraj. The civil war between the two parties caused an eight-month blockade in the country.
On Friday though, a cease-fire was formalized by representatives of the two parties.
As for OPEC, an increase in production (by 2 million bdp) was already planned for January 2021, but due to the restrictions implemented again in Europe, as well as on the production increase in Libya and Russia, Saudi Arabia proposed to maintain the current production cuts for next year. This is approximately 7.7 million barrels per day.
OPEC plans to hold a meeting on November 30 and December 1.
Oil is already in a downward trend, having lost $ 1 in price. Then, this morning, it lost $ 1.5.