Reports in the media suggest Libya may double crude output to 800,000 barrels a day by next month after talks to reopen oil and gas pipelines feeding export terminals, amid the most enduring global glut in almost two decades.
According to Bloomberg, Libya is banking on some initiatives in the month of Ramadan to reopen oil and gas pipelines to the ports of Zueitina, Zawiya and Mellitah.
Libya also currently produces between 400,000 barrels a day and 460,000 barrels a day and could lift about 600,000 barrels a day in next few weeks, he told the conference.
This spells bad news for Nigeria as the country continues to face dwindling revenue amidst the fall in oil prices created largely by a global glut. Nigeria also faces pipeline vandalism resulting in several Force Majures that have affecting our ability to meet production and export targets.