Libya’s National Oil Corporation said on Monday oil output had climbed to 1.3 million barrels a day (bpd).
Libya’s resurgent oil production took analysts by surprise, with most estimating the country would be producing around half the current amount at this stage.
The IMF said in a recent report that Libyan gross domestic product in 2011 fell by a massive 60% as production bottomed out at 22,000 bpd in July 2011 from 1.77 million bpd in 2010.
“Restoration of hydrocarbon production is well advanced at over half of pre-revolution levels and remains critical to economic recovery, and reconstruction will boost non-hydrocarbon economic activity,” said the IMF, following a staff visit to the country yesterday. “Medium-term issues include rebuilding infrastructure, reorienting the economy away from hydrocarbon dependence, and setting up a governance framework that promotes private sector development, job creation and inclusive growth.”
Libya is making 21 shipments of crude between 26 January and 1 February totaling 12.7 million barrels, reports Reuters.
