Libyan Oil Output May Return to Previous Level by 2014, IEA Says

Libya’s crude production will return to pre-conflict levels of 1.6 million barrels a day by 2014, International Energy Agency said.

“The recovery in Libyan output has exceeded expectations so far in 2011,” the Paris-based adviser said today in its monthly oil market report. Libyan output dropped to 45,000 barrels a day in August, according to Bloomberg estimates.

Libya, holder of Africa’s biggest oil reserves, will increase daily output to 1.6 million barrels by the end of 2012, Nuri Berruien, chairman of state-run National Oil Corp., said last month.

(Source: Bloomberg)

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