Libya’s oil output down to 1 million barrels per day
Production may fall further as oil companies are unable to work under mounting debts, according to NOC chief Mustafa Sanallah.
The reason for the burgeoning debt is the reduction in budget allocation for public oil companies in Libya, the official said.
“We have the capacity to raise the daily production of oil to more than 2 million barrels in the coming period, but not allocating budgets has prevented us from reaching that level,” Sanallah said.
He urged Libya’s Oil Ministry to help resolve the budget issue, warning that production could go further down.
Libya, a member of the Organisation of the Petroleum Exporting Countries (OPEC), had an average daily production of 1.28 million barrels in March, according to OPEC figures.
How to submit an Op-Ed: Libyan Express accepts opinion articles on a wide range of topics. Submissions may be sent to oped@libyanexpress.com. Please include ‘Op-Ed’ in the subject line.
- Italy will give Libya five boats to control the migrants - February 04, 2023
- Dbeibeh’s government is not assisting us in the “Abu Agila” case, says his nephew - February 04, 2023
- Al-Swehli: Bouznika’s agreement to modify sovereign positions is declared unconstitutional - February 03, 2023