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Last Updated: November 18, 2016
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TRIPOLI (Bloomberg) -- OPEC’s Libya plans to almost double crude production next year even as the producer group tries to implement a deal to trim production and ease a global supply glut.

The country with Africa’s largest crude reserves currently produces 600,000 bpd, state-run National Oil Corp. Chairman Mustafa Sanalla said in a statement posted on the company’s website. It’s seeking to boost output to 900,000 bopd by the end of 2016 and about 1.1 MMbopd next year, he said.

Libya, a member of the Organization of Petroleum Exporting Countries, has been working to boost production and exports since the NOC reached an agreement in September with Khalifa Haftar, the commander of armed forces controlling important oil ports. As a result of that deal, the country was able to ship 781,000 bbl from the port of Ras Lanuf on Sept. 21, the first international cargo from the terminal since force majeure was declared in December 2014. The country’s largest port, Es Sider, may resume exports within days.

The North African country’s production recovery highlights the efforts OPEC must make to achieve production cuts needed to rein in the oversupply that has pushed down prices. Brent crude, which traded at more than $115/bbl in June 2014, has dropped to about $47.

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