Oil expert Abdulbari Al-Arousi expects Libya's oil production to increase to 1.6 million barrels per day during the current year, pointing out that the closure of Sharara oil field caused financial losses for three months and a loss of 315,000 barrels in production per day.
Al-Arousi said in statements to Alwasat, that oil production will recover and exceed the normal rates with the state of security and stability improving in the country. Adding, field closures will also decline, now that armed groups are not in control of the largest oil fields.
The National Oil Corporation announced the lifting force majeure at Sharara oil fielf after confirming the exit of the armed group responsible for its closure. The closure caused a loss of $1.8 billion.
Oil revenues in Libya reached $ 24.4 billion in 2018, up 78 percent from 2017, the National Oil Corporation said, showing an average daily production of 1.107 million bpd last year.