Libya’s Oil Output Tops 800,000 Bpd For The First Time Since 2014

11 May 2017   Libya

Libya’s crude oil production has exceeded 800,000 bpd for the first time since 2014, and could average up to 1.2 million bpd for the rest of this year if oil flows freely, National Oil Corporation (NOC) chairman Mustafa Sanalla said on Wednesday in a statement that could fuel more fears of rising global supply. Just yesterday, reports suggested that Libya’s output had reached 780,000 bpd . Furthermore, a commercial dispute between Libya and Germany’s Wintershall had shut in more than 160,000 bpd of output, costing the country nearly US$250 million monthly, Sanalla said. “ We would be producing almost 1 million bpd if it were not for Wintershall’s refusal to implement terms it agreed to in 2010, ” NOC’s chairman noted. According to a Sanalla statement sent to The Wall Street Journal, the dispute between Wintershall and NOC is over liabilities that Wintershall owes to Libya dating back to […]

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