IEA bullish in Libyan oil production

Libyan authorities have made "herculean" efforts to bring oil production closer to pre-war levels, a report from the IEA in Vienna said. Libya before the onset of the international military intervention in March was producing close to 1.6 million barrels of oil per day, of which 1.3 million bpd was exported. The International Energy Agency in July called on its member states to release oil from their strategic reserves to offset market disruptions brought on by the effects of the war in Libya. The IEA in its latest oil market report said crude oil production in Libya rose from around 75,000 bpd in September to around 500,000 bpd in November. "In the midst of the pandemonium that ultimately led to the formal end to civil unrest in the country on Oct. 23, Libyan officials have made a herculean effort to restore upstream operations," the report stated. Libyan leader Moammar Gadhafi died after falling into rebel hands in October. NATO ended its military role there Oct. 31. The IEA expected Libyan oil production to reach 800,000 bpd by the first quarter of 2012 and 1.17 million bpd by the end of that year.