Libya to increase oil output to 1.7 mm bpd

Jul 09, 2004 02:00 AM

Libya is planning to increase its oil output by 50,000 bpd to 1.7 mm bpd from late July or early August, a Libyan oil official told. The official said the North African oil producer is producing "close to our capacity of 1.65 mm bpd."
Under the OPEC's current production agreement, Libya has an official output quota of 1.258 mm bpd. From July 1, its quota will rise to 1.365 mm bpd, when the first part of a two-stage output hike by OPEC takes effect.

But most OPEC members continue to ignore their official quotas and are pumping close to capacity amid robust oil demand. Though oil prices may have fallen about 12 % since soaring on fears that terror attacks could disrupt Middle Eastern supplies, they continue to trade well above OPEC's $ 22.00-$ 28.00 a barrel preferred price target.
The official said Libya aims to ramp up its production to 1.7 mm bpd by early August at the latest.
"We managed to reach 1.7 mm bpd for a few days and now our plan is reach it on a steady rate of production," he said.

A recent report put Libya's output in May at 1.5 mm bpd.
Meanwhile, Saudi Arabia will continue to pump 9.1 mm bpd in July to meet soaring world oil demand, a senior Saudi source said. The kingdom already hiked output to 9.1 mm bpd in June in an attempt to cool high prices.

Source: Petroleumworld
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