Libyan Oil Output Expected to Jump In November

Just days removed from the death of former dictator Muammar Gaddafi, OPEC member Libya believes it can pump 350,000 barrels of oil per day in November, double what the North African country pumped in October. Even a double to 350,000 barrels per day from 175,000 puts Libya well behind the roughly 1.3 million barrels per day the country was producing before the onset of political violence there in February. Libya's National Oil Company (NOC) plans to sell a total of up to 14 cargoes of oil from several fields, primarily in the east and at offshore sites which escaped the worst of the damage inflicted by the war and located in areas that were liberated soon after the uprising, Reuters reported. Prior to the start of violence, Libya was Africa's third-largest oil producer behind fellow OPEC members Angola and Nigerai. Libya is home to the continents largest oil reserves. Libya's largest refinery, which accounts for around two-thirds of the country's refining capacity, was expected online towards the end of November, according to Reuters. Western companies with operations in Libya include ConocoPhillips COP, Occidental Petroleum OXY and BP BP. Italy's Eni SpA E has the largest Libyan footprint of any Western oil major.