São Paulo – Libya’s National Oil Company confirmed the end of the blockade that cut crude oil production by nearly half, to 600,000 barrels per day. The Arab nation is a major producer of the commodity, and a large portion of its revenue comes from this sector.
International oil prices rose about a month ago due to the insecurity of Libyan supply, which faced production and export issues triggered by internal political disputes related to the country’s Central Bank, which manages its important revenues.
In recent days, oil prices began to recover due to the prospects of resolving these issues, which indeed occurred with the mediation of the United Nations. However, oil prices are rising again due to the escalation of confrontations in the Middle East.
Libya’s oil production
Libya is struggling to recover after years of conflict that began with the uprising overthrowing then-President Muammar Gaddafi in 2011. Oil production has only recently returned to 1.2 million bpd, whereas before 2011 it was between 1.5 million and 1.6 million bpd.
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Translated by Guilherme Miranda
