Libya’s oil production nears 800.000 bpd, NOC declares
The Chairman of the Libyan National Oil Corporation (NOC) Mustafa Sanallah, declared that Libya’s crude oil outupt has increased to hit 794.000 barrels per day (bpd), adding that Libya’s oil production is gradually recovering after problems have been dealt with in Al-Sharara oi field.
Last Monday, Libya’s NOC said oil production hit 784.000 bpd and moving up steadily.
Sanallah explained that the NOC is expecting that the Libyan oil output is going to reach over 800.000 bpd in June, adding that Libya reached this rate earlier this month for the first time since 2014.
NOC revealed earlier three phases that aim to make Libya once again a strong oil producer in the Mediterranean. The first stage was to increase oil output to 1.32 million bpd by the end of 2017.
The second phase, according to the NOC, was to to slowly increase oil output in Libya to each 1.5 million bpd by the end of 2018 and finally, the third stage was to increase oil output to 2.2 bpd by the beginning of 2023.
Oil prices fell about 1 per cent on Tuesday, on signs of resurgent crude output in Libya and concerns that extended production cuts by leading exporting countries may not be enough to drain a global glut that has depressed prices for almost three years, according to many reports.
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