NOC: Libya won’t partake in OPEC output cuts

vina-meeting27nov162

Reuters – Libya’s National Oil Corporation (NOC) said on Sunday it would not take part in any OPEC production cuts for the “foreseeable future” as the North African country tries to bring crude output back towards pre-conflict levels.

“Libya is in such a dangerous economic situation, there is no way it can participate in OPEC production cuts for the foreseeable future,” NOC Chairman Mustafa Sanalla told delegates at the Arab-Austrian Economic Forum in Vienna on Friday, according to an NOC statement.

Libya has more than doubled its national crude production to around 600,000 barrels per day (bpd) since several previously blockaded oil ports were reopened in September.

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