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Libya has recorded a significant reduction in oil production


June, 09 2021
watermark Economic news

Libya's National Oil Corporation (NOC) CEO Mustafa Sanalla said the country has cut oil production at a number of its fields due to pipeline leaks and maintenance.


In particular, only at one Sharara field, production has decreased by about 50 thousand barrels over the past two weeks. Total production at other fields fell to about 140 thousand barrels per day from the usual 300 thousand. Thus, Libya reduced production by about 200 thousand barrels per day.


It should be noted that in early March, Sanalla noted that Libya plans to increase oil production to 1.4 million barrels per day by the end of this year. In addition, the country intends to increase oil production to 1.6 million barrels per day within two years and up to 2.1 million barrels per day in four years.


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Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.