Libya doubled its crude production since OPEC’s meeting

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Libya has doubled its crude oil production since the OPEC members’ meeting in Algiers in September, Libya's National Oil Corporation (NOC) spokesman said in an interview to a local TV station. According to Ibrahim Al-Awami, the country’s output rose from 363,000 barrels per day in September to 670,000 barrels per day this week. He also mentioned that the company has a target to reach the goal of 900,000 barrels per day by the end of the year.

NOC’s spokesman is sure that the country is able to increase crude oil output to 1.5 million barrels per day in the nearest future if Libyan government approves a sophisticated budget for the National Oil Corporation.  Moreover the company’s officials are now in negotiations with the government to reopen two oilfields in the south western region of the country with total production capacity of 450,000 barrels per day. NOC has calculated that the closure of those fields caused a loss of$27 billion to the national budget.

Libya is now resuming its oil production level after a three-year closure of the country’s exporting terminals by the Petroleum Facilities Guards, reports http://azinnov.com.