Africa Oil & Gas: Libya expects OPEC exemption

Libya’s oil production has climbed significantly this year, but the war-torn North African nation still expects to be exempted from any production cut deal, despite the fact that the global oil market is starting to suffer from oversupply.

Production recently hit 1.28 mb/d, a five-year high. Political progress also promises to clear the way for Libya to boost production. The National Oil Corp. hopes to raise production to 1.6 mb/d.