Reuters reported on Monday that oil exports have been halted at major ports in Libya, with production cutbacks across the country.
According to six engineers cited by the agency, some production is being increased to meet local energy needs. Oil production in Libya has dropped by more than half from usual levels since the onset of the standoff last month, which followed the dismissal of the Central Bank of Libya Governor, Al-Siddiq Al-Kabir, and his replacement by a rival management board.
Sources indicated that exports remain suspended at the ports of Sidra, Ras Lanuf, Zueitina, Marsa al-Brega, and Sirte.
As reported, the Arabian Gulf Oil Company (AGOCO), a subsidiary of the National Oil Corporation (NOC), has been instructed to boost production at its fields to supply a power generation plant. AGOCO, which controls the Sarir, Nafoura, and Messla fields, was producing 139,000 barrels per day as of August 28, down from 290,000 barrels per day on July 20.
Last Thursday, the NOC announced that total production had dropped to over 591,000 barrels per day on August 28 from about 959,000 barrels per day on August 26, resulting in losses exceeding $120 million over the three days. Production was approximately 1.28 million barrels per day on July 20.
In July, Libya’s average production stood at 1.18 million barrels per day, according to OPEC, citing secondary sources.
