The Libyan government has released state funding to the tune of $1.06 billion to the National Oil Corporation that NOC will use to maintain oil production in the current year, Reuters reports, citing a government statement. Last week, NOC’s chairman, Mustafa Sanalla, warned Libya’s oil production could drop steeply during financial 2019-2020 unless the Government of National Accord, which is internationally recognized provided the funds it had agreed to allocate for NOC’s needs. “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,” Sanalla said. The chairman also slammed the government for reducing NOC’s approved budget including the budgets for its subsidiaries twice since the start of the year. This is not the first time the National Oil Corporation has complained about how […]