Libya hits 1 million bpd
Libya is producing more than 1 million barrels per day, the National Oil Corp. (NOC) has announced, in a remarkable recovery.
NOC, on November 8, said production had reached 1.036 million barrels per day. The company thanked its employees across Libya for this achievement, under difficult circumstances. Libya’s production dropped below 100,000 bpd in March as an embargo prevented exports and insecurity around fields disrupted operations.
The Libyan company faces financial hurdles, it noted, and budget shortfalls. As a result, it has run up debts and delays in salary payments. It may not be able to maintain output at this level, NOC warned.
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