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Libya to explore possibilities of oil production increase after reopening of ports

Libya to explore possibilities of oil production increase after reopening of ports

Libya

The Libyan oil production increased this month, hitting the 600,000 barrels mark per day.

The representatives of the Government of National Accord (GNA) expect to improve these results by the beginning of 2017 to 1.1 million barrels per day.

The head of National Oil Corporation (NOC) argued that Libya is in front of economic revival.

The increase of Libyan oil production and export is taking place in anticipation to the OPEC meeting in Vienna where the organisation plans to cut the production of oil to 33 million bpd.

However, at an informal meeting in Algiers in September, the 14 members agree to work towards a cut of between 500,000 and one million barrels. Some believe this won’t go far enough.

Algeria Energy Minister Noureddine Boutarfa said his government had proposed a 1.1 million barrel per day cut in OPEC’s total output.

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