Libya’s oil production is the best in four years, dollar exchange rates worst in history
Libya’s oil production has climbed to more than 1 million barrels a day for the first time in four years just as oil prices capped the longest run of gains in six months after U.S. shale explorers paused a record drilling expansion, Bloomberg reported on Sunday.
Output is 1.005 million barrels a day, according to a person with direct knowledge of the situation, who asked not to be identified because they aren’t authorized to speak to the media. That would be the highest since June 2013, when Libya pumped 1.13 million barrels a day, according to data compiled by Bloomberg.
Bloomberg indicated that oil futures advanced for a seventh consecutive day on Friday, as shale explorers broke the longest stretch of uninterrupted growth in three decades. Brent prices have still dropped 16 percent this year as rising supply from OPEC members Libya and Nigeria along with the U.S. is offsetting cuts from the Organization of Petroleum Exporting Countries and its partners.
However, with the current recovery of Libya’s oil production and the influx of foreign currency into the country’s Central Bank of Libya, the Libyan people are still suffering on the economic level, especially with the incredible rocketing exchange rates of the US dollar to the Libyan dinar.
Until today, one US dollar is worth 8.25 Libyan dinar in the black market for no reason except the fight of power and for money among different militias and money launderers, knowing that the CBL’s rate of exchange is still LYD1.4 for one US dollar.
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