Rockwell Advisors: Libya’s oil output is recovering far faster than anticipated – IEA.

Nov. 10, 2011 - PRLog -- The International Energy Agency has told Rockwell Advisors that Libyan oil production is returning to pre-war levels far faster than was initially hoped, and could be as high as 0.7 million barrels per day  (bpd) by the end of the year.

The IEA praised the "Herculean effort" by Libyan officials to restore shut down oil fields, which have proven its earlier projections to be far too cautious. As a result, global oil supply and demand appear to be in balance in 2012, the agency added, although it cautioned that low inventories and the risk of further Middle East instability could underpin continuing high prices.

As recently as September, the IEA forecast that Libya would be producing less than 0.4 million bpd by the end of this year. Libya shot passed that mark in October and was producing over 0.5 million bpd by early November, the IEA told Rockwell Advisors.

Shortly after the IEA upgraded its forecasts, Libyan oil officials announced that another of the country's biggest fields could restart within a week.

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