Bloomberg News

Libya to Resume Oil Exports Within Four Days, Official Says

September 15, 2011

(Updates with output, reserve details in third paragraph.)

Sept. 15 (Bloomberg) -- Libya, holder of Africa’s largest oil reserves, will resume partial crude exports within three or four days, the nation’s representative to a meeting of Arab central bank governors in Doha said.

The North African nation will produce about 700,000 barrels a day by the end of this year and an estimated 1.6 million barrels a day by the end of 2012, Abdulla Saudi told reporters today in the Qatari capital.

Libyan oil exports plummeted amid fighting between rebel forces and troops loyal to leader Muammar Qaddafi. The country was pumping about 1.6 million barrels a day before popular protests in mid-February flared into military conflict, shipping most of its crude across the Mediterranean to Europe. It produced 45,000 barrels in August, according to data compiled by Bloomberg.

Libya is Africa’s third-largest oil producer after Nigeria and Angola. Its 44.3 billion barrels account for 3.3 percent of the world’s total crude deposits, according to BP Plc’s Statistical Review of World Energy.

--Editors: Bruce Stanley, Raj Rajendran

To contact the reporter on this story: Robert Tuttle in Doha at rtuttle@bloomberg.net

To contact the editor responsible for this story: Stephen Voss on sev@bloomberg.net


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