Libya’s NOC to share Libya’s oil production plan in OPEC meeting in Russia

The building housing Libya’s oil state energy firm, the National Oil Corporation (NOC), is seen in Tripoli, Libya February 22, 2016. (Photo: Reuters)

The Chairman of Libya’s National Oil Corporation (NOC) said on Tuesday he would lead a Libyan delegation to a meeting of OPEC and non-OPEC oil producers in St Petersburg, Russia on July 22 to share his country’s production plans, Reuters reported.

NOC Chairman Mustafa Sanallah will share with a technical committee “the factors enabling and constraining Libya’s production recovery”, he said in a statement.

“I will consult with significant Libyan decision-makers before I leave and hope to present a unified Libyan position in St Petersburg that will show we can act together in the national interest,” Sanallah said.

The technical committee involving six OPEC and non-OPEC members is due to convene before ministers from the countries hold talks in the Russian city on July 24, Reuters added.

OPEC members Libya and Nigeria have boosted production since they were exempted from an OPEC-led deal to cut output, weighing on global prices. That prompted talk among producers about including them in the pact, though Kuwait’s OPEC governor Haitham Al-Ghais said on Friday it would be premature to cap Libyan and Nigerian production, according to analysis reported by Reuters.

Libya’s oil production is fluctuating at just over 1 million barrels per day, still well under the 1.6 million bpd the North African country was producing before its 2011 uprising.

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