Libyan oil production has potential to cross 1 million barrels per day

11 May 2017   Libya

Libya has the technical potential to produce as much as 1.2 million barrels of oil per day, though commercial and security issues interfere, an oil leader said. Mustafa Sanalla, the chairman of the Libyan National Oil Corp. said the current crude oil production rate of 800,000 barrels per day is the best output since 2014. Libya is exempt from an agreement coordinated by the Organization of Petroleum Exporting Countries to balance the market through managed production declines and the chairman said national security issues and contractual disputes with European partners were impeding further growth. “There are no technical reasons for the loss of production,” he said in a statement . “We are able produce an average of 1.1 million […]

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