Libya has the largest oil reserves in Africa The Libyan National Oil Corporation (NOC) announced that the Libyan oil production rose to 840,000 barrels per day, as oil companies resume production in the wake of eight months of war.
Libya has the largest oil reserves in Africa, and before the outbreak of the revolution in February, which overthrew slain Colonel Muammar Gaddafi, it was pumping about 1.6 million barrels a day. However, civilian rebels obstructed supplies and reduced exports to almost 1.3 million barrels.
A senior official of the NOC said that the production process if oil is set to return to the pre-war levels by the end of 2012.
Waha Oil Company, a joint venture with ConocoPhillips, Marathon, Amerada Hess, contributed in new production, and oil started to be produced from the fields of Al-Zahra with an average of 16,000 barrels per day.
The futures for crude oil rose Tuesday by one dollar, after which Italy succeeded in raising €7.5 billion in a bonds auction that markets closely followed, but revenues rose to a record near eight per cent.
The futures rose for Brent from $1.37 to $110.37 per barrel, US crude oil rose 98 cents, recording $99.19 a barrel after rising earlier in the transaction to $99.30 per barrel.