Libya’s crude production has returned to 1.2 million b/d after the lifting of force majeure on oil fields and exports on July 15, state-owned National Oil Corp. said July 31, even as the OPEC member still grapples with political mayhem and armed clashes among rival factions. “We are happy to announce that our production rates have reached the pre-force majeure levels of 1,200,000 barrels per day,” NOC said on twitter on July 31. NOC’s new management announced on July 15 the lifting of the force majeure declarations at all oil terminals and fields following nearly three months of shut-ins. This follows the Tripoli-based Government of National Unity replacing NOC’s long-serving chairman Mustafa Sanalla with ex-central bank governor Farhat Bengdara on July 14. Libya’s oil sector has been severely impacted by ongoing political turmoil, with various groups seeking control of NOC and its revenue. Prior to Sanalla’s ouster, NOC said […]