The Organization of the Petroleum Exporting Countries and other producers, including Russia, agreed last week to extend a deal to cut production by about 1.8 million barrels per day (bpd) until the end of March 2018.
The initial six-month deal had been due to expire in June. OPEC members Libya and Nigeria are exempt from the cuts, while U.S. shale oil producers are not part of the agreement and have been ramping up production.
Libya’s oil production is expected to regain a three-year production peak of 800,000 bpd this week, the National Oil Corporation said, after briefly touching that level this month until a technical issue at Sharara oilfield dented output.
Production was now at 794,000 bpd, the NOC said on Wednesday. Shipping data on Thomson Reuters Eikon shows that, excluding pipeline exports, Libya shipped an average of 500,000 bpd of oil so far this year, compared with 300,000 bpd average for 2016.
Meanwhile, U.S. output has climbed to more than 9.3 million bpd, close to top producers Saudi Arabia and Russia.