Libyan oil production returns to pre-lockdown levels, can the oil market cool?

Libyan Oil Minister Mohamed Oun said the country's crude oil production had picked up to levels seen in early April, an increase that could help cool the jittery global oil market
.

Mohamed Oun said in a telephone interview that Libyan oil production had climbed to 1.
2 million barrels per day
.
This is a milestone because the country's production has been reduced by more than
half since mid-April.
Earlier this month, officials reached an agreement with protesters and tribal leaders to reopen most of the oil fields and export terminals
that had been closed for months.

The increase in oil production will not only help bring foreign exchange to the country, but may also alleviate the supply of the oil market and the high oil prices
that trigger global inflation to some extent.

The country's oil production has previously been affected
by a power struggle between the western government headed by Abdul Hamid Dbeibah and the eastern government led by Fathi Bashagha.

Libya's oil production has fluctuated over the past few years, largely as a result of
the political and security turmoil that emerged in the country following the ouster of Moammar Al Qaddafi in 2011.
Power struggles between rival governments have exacerbated years of neglect
in developing or transforming oil infrastructure.

The recent drop in oil production is the result of
blockades and protests.
On July 15, the Tripoli-based Dbeibah government decided to reshuffle the board of directors of the national oil company National Oil Corp.
and appointed Farhat Bengdara as head of the group as part of
a deal to end the unrest.