Libya limits oil production in line with OPEC deal

The Organization of Petroleum Exporting Countries. (Internet)

The Organization of Petroleum Exporting Countries (OPEC) has reached an agreement last week with Libya to set limits on its oil production .

The surprising agreement reported by the American agency Bloomberg, which consists of a mutual understanding between the two parties of not raising the production limits to more than 1 million barrels a day, has not been officially announced neither by OPEC nor the Libyan Oil Corporation (NOC).

OPEC members agreed at a meeting at the end of November, in Vienna, to extend a prior contract to cut oil production until the end of 2018 in an effort to get rid of an oversupply of crude and avoid another collapse in prices.

Libya and Nigeria were exempt from the previous agreement, which its recent renewal was supposed to include the exemption as was suggested by the NOC on its website, but the latest reports from both Bloomberg and CNBC, specialized media outlets in the matter, suggests otherwise.

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