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.
The National Oil Corporation manages production operations at Sharara in a joint venture with the Spanish company Repsol, France's Total, Austrian OMV and Norwegian Equinor.
Earlier, a Libyan oil source said that Libya's production of crude reached 680,000 barrels per day.
The National Oil Corporation in Libya lifted the status of force majeure in the last facilities that were closed due to a blockade imposed on crude exports and lasted for eight months. 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 U.S. WTI crude futures were both down more than 5% on Thursday, extending another 5% loss the previous day.
Higher Libyan output and the weak demand outlook are expected to dominate talks at a meeting of the Organization of the Petroleum Exporting Countries (OPEC) 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.