Libya’s National Oil Corporation has warned that the country’s crude oil production could drop sharply over the next nine months if the government in Tripoli does not release funds already approved for disbursement to NOC. Chinese Xinhua news agency quoted a statement by NOC’s chairman Mustafa Sanalla that said, “If the corporation’s allocations are not released without delay, Libyan oil production will be hundreds of thousands of barrels per day lower than it should be. That will have an extremely negative effect on national income.” Libya’s oil industry has had more than its fair share of problems, from pipeline and field blockades and sabotages that have been causing production outages on a pretty regular basis to political trouble. The latest in this respect was the formation of a parallel board of directors for a subsidiary of NOC, Brega Petroleum Marketing Company (BPMC), earlier this year. BPMC, which is based […]