Will Libya Be First To Ditch The OPEC Production Deal?

12 Dec 2017   Libya

Just two weeks after it pledged to cap its crude oil production at the level of 1 million barrels daily, Libya has sent a signal that it actually has immediate plans to raise this, according to media reports . In a rare meeting this weekend, the Prime Minister of the UN-recognized Government of National Accord met with the heads of the National Oil Corporation and the Libyan central bank to discuss funding for boosting crude oil production. As Reuters notes, the relationship between PM Fayez Seraj and the central bank governor, Sadiq al-Kabir Sadiq, have not been the best, with regular clashes over fiscal reform and monetary policy. The tension is significant as the central bank is where the income from crude oil exports—Libya’s principal revenue source—goes. To add to this, the overall political situation in the country remains unstable. This prompted analysts to factor in possible future oil […]

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