Libya oil chief expects exemption from future OPEC+ cuts

Libya’s top oil chief expects OPEC and allied producers to exempt the strife-torn North African country from any future cuts in crude output.

“The OPEC community has understood the difficulties we face –- Libya has withheld more than any other country from the global market,” National Oil Corp. Chairman Mustafa Sanalla wrote in a phone message. “This should be factored in.”

OPEC and its allies are considering cutting oil output in 2019 as the group is increasingly concerned about the potential for oversupply. Libya, along with Nigeria, has been exempt from cuts since January 2017 due to domestic conflict.

Libya has been rebuilding its energy industry from damage inflicted since a 2011 revolt and collapse in central authority. The nation’s production rose from 660,000 barrels a day in July to almost double that volume currently.

Source: Bloomberg

Share

SUBSCRIBE TO LATEST ENERGY NEWS

Read the latest energy industry news and researched articles
for oil and gas, power generation, renewable energy, events and more...