Oil production in Libya increased to 1.25 million barrels per day

Libya has increased oil production to 1.25 million barrels per day. This was announced by the Head of the Libyan National Oil Corporation (NOC) Mustafa Sanallah, Angi reports.

He met with the head of Total's structure in the Middle East and North Africa – Total Exploration and Production – Stephen Michel. The French company representative expressed a desire to expand Total's investment base in Libya and increase production in the country.

Currently, Libya is released from the obligation to reduce oil production and the OPEC+ countries due to the country's hostilities. NOC Head Mustafa Sanalla said in early November that the country would be ready to join the OPEC+ deal only if stable production is reached at 1.7 million bpd.

Before the military crisis, oil production in Libya was about 1.1-1.2 million bpd, and at the beginning of 2020 fell below 100 thousand bpd. In October, according to OPEC, oil production in the country was 450 thousand bpd. In early November, NOC announced that the volume exceeded 1 million bpd. The Head of the NOC, after the conclusion of the truce in September, announced plans to increase oil production to a record level of 1.3 million bpd.

As a reminder, the OPEC+ countries must compensate for more than 2 million bpd of oil overproduction in 2020.

Earlier it was reported that since 2013, Libya had lost more than $180 billion from the suspension of oil exports.

Tags: oil, foreign affairs, OPEC+, agreement, decline in production, crisis, oil production

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