A senior source at the country's National Oil Corporation said that Libya's oil exports will surge to over 500,000 barrels per day in December.

The NOC plans to export 24 cargoes in December having finalized deals this week to sell 3 more cargoes towards the end of the month. November exports averaged around 227,000 barrel per day. The latest three shipments to sold via tender were of Sirtica, Mellitah and Bouri crude and priced against the global benchmark Brent contract.

In a recent forecast sent to clients, Libya's NOC said that it expected oil flows to top 800,000 barrel per day in December exceeding most forecasts after output fell to a near standstill as result of the civil war that toppled Muammar Gaddafi.

Less than 3 months have passed since the first cargo of freshly pumped Libyan crude was offered to the market and flows are recovering more rapidly than expected. But the pace of Libya's rising oil exports will not necessarily hold sway over the outcome of an OPEC meeting on Wednesday in which a production limit may be reset for the first time in 3 years.

Mr Ali al Naimi the leading OPEC producer's oil minister said that Saudi Arabia has said it will respond to demand for its oil rather Libyan oil flows. If Libya increases, it doesn't necessarily mean Saudi will cut. We don't react to that we react to market demand.

(Sourced from Reuters)