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2016-11-28 18:45:00

LIBYA WON'T CUT

LIBYA WON'T CUT

According to REUTERS, Libya's National Oil Corporation (NOC) said on Sunday it would not take part in any OPEC production cuts for the "foreseeable future" as the North African country tries to bring crude output back towards pre-conflict levels.

"Libya is in such a dangerous economic situation, there is no way it can participate in OPEC production cuts for the foreseeable future," NOC Chairman Mustafa Sanalla told delegates at the Arab-Austrian Economic Forum in Vienna on Friday, according to an NOC statement.

Libya has more than doubled its national crude production to around 600,000 barrels per day (bpd) since several previously blockaded oil ports were reopened in September.

But output remains far below the 1.6 million bpd the country was producing before its 2011 uprising, and Libya has been rapidly depleting its foreign exchanged reserves.

Libya had already indicated its reluctance to curtail production, and this week OPEC will debate a proposal to cut production that would exempt Libya and Nigeria, another country where output has been hit by conflict.

The NOC hopes to raise production to 900,000 bpd by the end of this year and to 1.1 million bpd in 2017, but the increases depend on the lifting of a blockade at pipelines serving the western fields of El Feel and Sharara.

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Earlier: 

LIBYA CAN INCREASE 

OIL PRICES: REDUCING THE ODDS 

LIBYA RISES PRODUCTION 

LIBYA'S OIL PRODUCTION: 300 TBD 

LIBYA HAS STARTED

 

 

Tags: LIBYA, OIL, PRODUCTION

Chronicle:

LIBYA WON'T CUT
September, 22, 08:50:00

RUSSIA - KURDISTAN INVESTMENT

Instead, with the planned referendum just days away, Russian state oil giant Rosneft announced its latest investment last week, to help Iraqi Kurdistan develop its natural gas industry, for domestic supplies and eventual export.

LIBYA WON'T CUT
September, 22, 08:45:00

IRAN'S GAS EXPORT: ABOVE 5 BCM

Iran exported over 5 billion cubic meters (bcm) of natural gas during the first five months of the current Iranian calendar year (March 21-August 22), Dispatching director of National Iranian Gas Company (NIGC) announced.

LIBYA WON'T CUT
September, 22, 08:40:00

IRAQI OIL TO U.S.

Gazprom Neft has shipped its second and largest cargo of Iraqi crude to the US since the Badra field, its flagship overseas oil project, came on stream in 2014, the Russian oil company said Tuesday.

LIBYA WON'T CUT
September, 22, 08:35:00

QATAR - TURKEY LNG

Qatargas has agreed to sell 1.5 million tpy of LNG to Turkey’s BOTAŞ Petroleum Pipeline Corporation (BOTAŞ) over a period of three years

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