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FinancialNews


  • 03-10-19

    Severe drop to hit Libyan oil output: NOC

    (MENAFN) "If the government continues to withhold already approved budgets," Libya will suffer a serious decline in its oil output capacity over the upcoming nine months, as emphasized the National Oil Corporation (NOC).

    Chairman of the Libyan state-owned NOC Mustafa Sanalla stated "if the corporation's allocations are not released without delay, Libyan oil production will be hundreds of thousands of barrels per day lower than it should be. That will have an extremely negative effect on national income."

    Armed assaults on oil fields and ports in Libya caused a massive negative impact in the oil industry, which is the main source of income in Libya.

    Libya has been struggling with clashes and political instability since 2011, when late leader Muammar Gaddafi's government collapsed.

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