Libya’s National Oil Corp Hopeful on Suspension of Oil Blockade
Libya has signaled its intention to restart its oil output. The country’s National Oil Corp. (NOC) said Tuesday that it is already in talks with regional countries and the Government of National Accord under the supervision of the UN.
S&P Global Platts yesterday quoted an unnamed spokesman at NOC confirming that the organisation has been conducting ongoing negotiations with international parties over the past several weeks and is determined that it will forge a transparent agreement. “We are hopeful that those regional countries will lift the blockade and allow us to resume our work for the benefit of all the Libyan people,” the spokesperson said.
Libyan crude production is said to be currently as low as 70,000-80,000 b/d, less than a tenth of levels before January 18, when an oil port blockade began thwarting the country’s crude output.
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