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FinancialNews
06-09-21
Libya’s oil output to increase to 2M (bpd) by end of 2022
(MENAFN) Libya’s Finance Minister Khalid Al-Mabrouk declared that the country’s oil output could increase to 2 million barrels per day by the end of the coming year if the industry is given the USD1.1 billion it has been allocated in the budget.
Arab News quoted Al-Mabrouk as saying on the sidelines of the Islamic Development Bank’s annual assembly in the Uzbek capital, Tashkent. “If we continue at this pace, I think we can reach 2 million bpd by the end of 2022.”
Libya’s oil sector has advantaged from a peace deal amid rival factions that has seen the creation of a unity government, however; the progress is at risk as parliament struggles to permit a budget that includes funds for infrastructure.
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