Oil started flowing again after the new head of Libya’s National Oil Corporation announced the end of a three-month oil blockade. Production will gradually return to increase to reach more than 1 million barrels per day.
With the curtain coming down on Mustafa Sanalla as Chairman of the National Oil Company, Libya began emerging from a three-month oil blockade that removed nearly three-quarters of the country’s 1.2 million barrels per day capacity.
The new head of the (NOC), Farhat bin Qadara, was installed on 14/7/2022 by the Tripoli-based government.
The next day, Bin Qadara, who refuses to infringe on his powers by former President Mustafa Sanalla, announced the end of force majeure at the main eastern oil terminals of Es Sider, Ras Lanuf, Brega, and Zueitina. The National Oil Corporation also raised the force majeure in the Eni field, which produce 70,000 barrels per day in the southwest of the country.
It is hoped that Libyan oil production will rise to its currently possible maximum, which is 1.2 million barrels per day.