Libya Loses 50,000 BPD In Production As Protests Continue

3 Nov 2017   Libya

The Libyan National Oil Company (NOC) said it was “very concerned” about the development of events in the area, adding notes that Wintershall had been reducing production without official notification. Libya is one of two African countries that have been allowed to take advantage of an exemption since January, when the Organization of Petroleum Exporting Countries began their deal to reduce supplies to the glutted market. Since the deal went into effect in January, both Nigeria and Libya have been recovering their capacity, making it harder and harder to justify their special treatment in the cartel. Several members in the bloc have made their opinions heard about the situation, but so far, no rumors about a change in status for the African duo have been heard. Despite the recovery in Libyan oil production over the course of 2017, Libya’s National Oil Corporation (NOC) has been able to […]

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