Oil output in Libya fell by 172,000 bpd to 928,000 bpd in December 2018, after a group of armed protesters and aggrieved workers took over Sharara oil field, the country’s largest oil field, and forced production to stop until their demands were fulfilled.
It came in OPEC’s monthly report issued on Saturday, which also revealed that OPEC has slashed production in December, as the producer group officially began a fresh round of output cuts.
Oil supplies from the 14-nation OPEC plunged by 751,000 barrels per day to nearly 31.6 million bpd, according to independent figures cited by OPEC in its monthly report.
The pullback in OPEC production was deepened by supply disruptions in Libya and Iran.
Libya’s oil revenues reached around $24.4 billion in 2018, which is a five year high and a 78% year-on-year increase, despite the instability at different oilfields. mainly Sharara.
The figures were announced on 6 January by the Chairperson of the National Oil Corporation (NOC), Moustafa Sanalla, during a press conference in Benghazi.
December marks OPEC’s first monthly report since Qatar left the organization amid an ongoing rift in the Gulf area.
Excluding Qatar, OPEC forecasts demand for the group’s oil will average 30.8 million bpd in 2019, about 900,000 bpd lower than last year. Demand for OPEC’s oil fell by about 1.2 million bpd last year, the group said.