TTE - Libyan oil output down 1mb/d from 2021 levels as closures accelerate

Libya's oil minister said in a statement over the weekend, that oil production in the OPEC nation had fallen from 1.2mb/d in 2021 to ~100kb/d currently. Outages have reduced output by 0-500kb/d in recent months, with a recent restart of production thwarted after gunmen forced workers to shut production. What production does remain is likely to be found offshore, and partially operated by European majors like Total (TTE), in addition to some onshore volumes in the southwest. While reduced output is likely to buoy oil prices (USO), reduced regional supplies could pressure European refiners like Repsol (OTCQX:REPYY) and Saras (OTCPK:SAAFY).

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Libyan oil output down 1mb/d from 2021 levels, as closures accelerate