JP Morgan: Libyan oil output to reach 1.3 mbd by mid. 2012

Azerbaijan, Baku, Dec. 10 /Trend A.Badalova/

Analysts at the major U.S. investment bank JP Morgan revised up their forecasts on the Libyan oil production level to 1.3 million barrels per day.

According to the analysts' monthly report on oil market, Libya can reach such a production level by the end of the second quarter of 2012.

Earlier, analysts predicted the Libyan oil production to rise to 1.2 million barrels per day by late 2012.

"Following the stellar rehabilitation of Libya's production, we have revised up the rate of recovery, and estimate that Libya could be producing 1.3 mbd by the end of the second quarter," the analysts said in their report.

JP Morgan's analysts envisage that Libyan output level hit around 900 kbd by late 2011.

This is 150 kbd more than last month's projection and almost treble the early-September estimate.

The average Libyan production level for 2012 is projected at 1.24 mln bpd.

According to the Libyan National Oil Company, oil production in the country has reached 840,000 barrels per day. The country's target is to reach a production level at 1.6 million barrels per day.

Libya's proven oil reserves are 45 billion barrels. Before the Libyan crisis, the country produced 1.6 million barrels per day and 1.3 million barrels of these volumes were exported.

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