Libya oil production falls below 100,000 barrels per day

On Thursday, the Libyan public oil company (NOC) published a press release announcing the fall to 97,508 barrels per day of oil production, with cumulative losses which now amount to 3.09 billion dollars . This is due to the embargo imposed by Marshal Haftar on the country’s exports for two months.

This drop in production will not have a very serious impact on prices, which are registering a historic drop because of the failure of OPEC and its Russian ally on a joint response to the consequences of the COVID-19 epidemic. as well as Saudi Arabia’s willingness to flood the market and cut prices to refiners from next month.

The government of Fayez al-Sarraj maintains that the forces of Marshal Khalifa Haftar, the Libyan National Army (LNA), continue to block the oil ports, while Brigadier General Ahmed al-Mismari, spokesman for the LNA, has repeatedly said that it is “the people’s decision” .

The NOC also said it was concerned about a likely fuel shortage due to reduced local production, the closure of the Zawiya refinery and a lack of government funding to import fuel.


Source: Agence Ecofin



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