Libya's oil output to rise to 550K bpd by the year-end - Goldman Sachs

According to investment banking giant Goldman Sachs Inc., Libya's oil production will rise to 550,000 barrels per day (bpd) by the end of December. 

Libya's oil industry, which has been shut down since January because of civil war, is now reopening, the nation's state energy firm National Oil Corp. said on Saturday. 

Analysts at Goldman Sachs believe the nation can resume exports quickly given it holds large crude inventory at ports.