⁍ Libyan oil production has reached 680,000 barrels per day (bpd), a Libyan oil source told Reuters.

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⁍ The current output level marks a jump from around 500,000 bpd earlier this month.

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⁍ Libya’s growing output has weighed on prices as demand concerns are increased.

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– Eight months ago, Libya was cut off from the rest of the world by a blockade imposed by eastern forces. On Monday, the country’s National Oil Corp ended force majeure on the last of its oil facilities, and production is up to 680,000 barrels per day, a Libyan oil source tells Reuters. That’s more than a third higher than production of around 500,000 bpd earlier this month. Last week, the NOC said it expected oil production to rise to 1 million bpd in a few weeks’ time. Libya’s rising output has weighed on prices as demand concerns are increased by government restrictions to contain a second wave of the new coronavirus. On Thursday, Repsol’s chief executive said production at the Sharara oilfield, Libya’s largest, is about 160,000 bpd, and expected to rise gradually to 300,000 bpd. Libya’s growing output has weighed on prices as demand concerns are increased by government restrictions to contain a second wave of the new coronavirus. Brent and US crude futures were both down more than 5% on Thursday, extending another 5% loss the previous day. Higher output and the weak demand outlook are expected to dominate talks at a meeting of the Organization of the Petroleum Exporting Countries and its allies—a group known as OPEC+—on Nov. 30 and Dec. 1. OPEC+ is limiting production by 7.7 million bpd, but is expected to shave around 2 million bpd from the supply curbs from January.