Comments from the head of the National Oil Company

  • Expects production to rise to around 1.2 mbpd by year end if security situation and central bank funds remain stable
  • Need expensive repairs to fields such as Mabruck to reach 1.6 mpbd of output
  • Production running around 640K bpd currently with 60K bpd offline due to electrical problems at Sarir oilfield
  • Need $19B in investment to boost output to 2.1 mbpd by 2022

Any way you slice it, that's more oil hitting the world market. Some of it is anticipated but it's still a potential drag on crude. Today WTI is up 47-cents to $53.22.