NOC takes part in the 14th OPEC+ Ministerial Meeting

Libya's National Oil Corporation virtually takes part in the 14th OPEC+ Ministerial Meeting to discuss the state of the oil market

Libya will continue to be excluded from production cuts in the future. [Photo: NOC]
Libya’s National Oil Corporation participated in Ministerial Meeting (No. 14) of the OPEC + alliance held via videoconference.

In a statement issued by the NOC, they said that the technical advisor to the Chairman of the Board of Directors Taher Najah attended the meeting representing Libya and the chairman of the board Mustafa Sanallah.

“The meeting assessed the state of the oil market in terms of supplies, demand and commercial stocks and reviewed the conformity levels of the Member States participating in the Declaration of Cooperation and decided to maintain the current production rates of most member states of the alliance until the end of April 2021.” The statement read.

It added that as the effect of the COVID-19 pandemic continues to impact the oil market globally, the Kingdom of Saudi Arabia confirmed the continuation of reducing its daily production by the amount of one million barrel per day until the end of April to support market stability.

Libya continues to be one of the few nations excluded from production reductions most oil-rich countries are undergoing due to the COVID-19 effect on oil markets worldwide.

Oil s Libya’s primary source of income and OPEC’s decision to exclude it from production cuts is due to the country’s deteriorating economic state and unstable conditions since the February 17 Revolution in 2011.

Earlier this month the NOC released their revenues for January, announcing that they had surpassed the milestone of 1.4 billion dollars since the lifting of force measure on oil facilities late in 2020.

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