DUBAI, United Arab Emirates — Libya, holder of the largest crude reserves in Africa, plans to increase oil production to 2 million barrels a day in the next two years, surpassing pre-conflict levels, according to its oil minister.
Libya produces 1.1 million barrels a day, according to Abdulbari Al-Arusi, less than the International Energy Agency’s estimate for last month of 1.4 million barrels. About 100,000 barrels of the current reduced level stems from disruption at the Zueitina export terminal, he said.
Zueitina resumed operations at the end of last week after the government reached an agreement with protesters and issued instructions to begin production, he said. The halt cost $279 million, according to the minister.