BREAKING NEWS

Full Libyan oil output could be three years away

By REUTERS

SEPTEMBER 22, 2011 17:23

LONDON - Oil, the lifeblood of the battered Libyan economy, is starting to trickle onto the world market as the country recovers from seven months of fighting, but it could take as long as three years to get back to pre-war output levels, analysts say.

Before the conflict, Libya turned out 1.6 million barrels per day (bpd) of high quality crude and the loss of that oil has helped keep oil prices at historically high levels with Brent crude above $100 per barrel for most of this year.

Libyan officials have said some oil output is likely to come back quickly and analysts say some fields will return to production much faster than expected.

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