Libya expects to be exempted from future OPEC cuts, NOC’s Chairman says
Libya’s National Oil Corporation (NOC) Chairman, Mustafa Sanallah expects OPEC and allied producers to exempt the country from any future cuts in crude output.
“The OPEC community has understood the difficulties we face –- Libya has withheld more than any other country from the global market,” Sanallah told Bloomberg, adding: “This should be factored in.”
According to Bloomberg, Sanallah added that it is in the best interests of both OPEC and non-OPEC countries to ensure that NOC and Libya are able to meet their market obligations to ensure price security and lower volatility.
“Libya remains committed to meeting its contractual obligations to both the market and its OPEC partners and stands ready to respond to demand fluctuations.” He explained.