Libyan oil exports could reach 355,000 bpd soon

Libyan crude exports could hit 355,000 barrels a day (bpd) in the short term from the rebel-controlled East, and that level is unlikely to prevent prices from heading higher in the second half of the year, United States bank Goldman Sachs said in a report.

Exports from the North African producer could touch 585,000 bpd from additional shipments from fields in the west if there was a change in the government, the report dated Tuesday said.

Libyan oil production fell from 1.58 million bpd in January to just 100,000 bpd in May, while exports have stopped entirely, according to the International Energy Agency.