Libya’s NOC: maintenance work at Al-Waha completed, output to be back around 1M bpd

Libya’s state oil company, National Oil Corporation (NOC), said in a statement on Friday, the maintenance work for the main crude transmission line at Al-Waha Oil Company was completed and that the oil output is back to around one million barrels per day (bpd).

Key quotes

“Completion of maintenance work for the main crude transmission line at Al-Waha Oil Company.”

“Work was completed ahead of schedule.”

“Accomplished within two days instead of a week.”

“Contributed to reducing the losses resulting from the halt in production, which was estimated to reach about one million barrels, and the production of the Waha Company was raised by 200 thousand barrels per day.”

Over the last weekend, NOC announced that its oil output could drop by another 200,000 bpd over the next week, as the main pipeline linking the eastern Samah and Dhuhra fields to the country’s biggest export terminal, Es Sider, will be shut for maintenance, per Bloomberg.

Market reaction

Oil prices are little affected by Libya’s production restart news, as WTI is on track to book the third straight weekly advance.

The US oil rebounded on Thursday, now trading around $79.50, higher by 0.56% on the day.