Libyan oil production has now reached 1.215 million barrels per day (bpd), a Libyan oil source told Reuters on Friday, as the OPEC member’s oil industry recovers faster than expected.
They are due to hold a ministerial committee meeting on November 17 which could recommend changes to production quotas when all the ministers meet on November 30 and December 1.
At the moment, OPEC+ is due to reduce existing cuts of 7.7 million barrels per day (bpd) by about 2 million bpd in January.
But the group is considering extending the current cuts by three or six months, or even deepening them.
The rise in Libyan output and the prospect of weaker demand during ongoing lockdowns to stem record increases in COVID-19 cases are forcing the group to reconsider its policy.
“Production has staged a remarkable comeback ... rebounding twice as fast as our expectations and prior recoveries in 2014/2016,” Goldman Sachs said.