Libya plans to increase oil output to 1.1 mbd
By Trend
Libya plans to bring its oil production to 1.1 million barrels
per day by August, said chairman of the country’s National Oil
Corporation (NOC) Mustafa Sanalla.
He made the remarks during the meeting with chairmen of
NOC-affiliated oil companies.
“Our production today is 700,000 barrels per day day and we work
hard in order to reach 800,000 barrels per day before the end of
April. We will reach 1.1 million barrels per day next August,”
added Sanalla.
Alongside with Iran and Nigeria, Libya was also exempted from OPEC
oil output cut deal reached last year in Vienna.
In December 2016, OPEC and non-OPEC producers reached their first
deal since 2001 to curtail oil output jointly and ease a global
glut after more than two years of low prices.
Non-OPEC oil producers such as Azerbaijan, Bahrain, Brunei,
Equatorial Guinea, Kazakhstan, Malaysia, Mexico, Oman, Russia,
Sudan, and South Sudan agreed to reduce output by 558,000 bpd
starting from Jan. 1, 2017 for six months, extendable for another
six months, to take into account prevailing market conditions and
prospects.
OPEC agreed to slash the output by 1.2 million barrels per day from
Jan. 1, with top exporter Saudi Arabia cutting as much as 486,000
bpd.
According to OPEC Monthly Oil Market Report, world’s oil supply
decreased in February by 0.21 million barrels per day compared to
January to average 95.88 million barrels per day. In November 2016,
world’s oil supply was at 96.84 million barrels per day.
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