The Arabian Gulf Coast Company (AGOCO) has reported a production increase of 320,000 bpd, bringing Libya’s total output to 500,000 bpd. AGOCO, a subsidiary of the country’s state oil company, the National Oil Corporation (NOC), has doubled its oil output since the forces of Khalifa Haftar retook control of a number of oil refineries and reopened them for exports. The country’s output is thus on the rise again. In 2011, before the currently ongoing civil war, the country produced 1.6 million bpd. According to NOC’s estimates, the company’s president Mustafa Sanalla reports, Libya’s total output may reach 900,000 bpd.
Meanwhile, in India, the Indian Oil Corp. is preparing to invest in increasing oil output in a country marked by a growing economy with a resulting steady rise in energy demand. According to Kapil Dev Tripathi, India’s petroleum minister, the country’s consumption of hydrocarbons has increased by 11%, overtaking that of China. Another 2.3 billion USD will also be invested to develop the Panipat refinery, which should raise India’s output by some 200,000 bpd.
Rising output also marks the energy relations between Japan and Kuwait. The latter has established itself as Japan’s sixth largest oil supplier, with 6.7% growth over the previous year, reaching 204,000 bpd. According to Japan’s Natural Resources and Energy Agency, Kuwait supplied 6.4% of the Asian country’s demand for crude oil. The loser in this scenario is Saudi Arabia, which, while maintaining its position as Japan’s top crude oil supplier, has seen a remarkable 18.6% drop in its market share since last year, for a total of 978,000 bpd.