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FinancialNews
25-07-22
Libya's NOC declares oil output ready to reach 1.2M bpd within two weeks
(MENAFN) Libya's National Oil Corporation stated that its crude production is going to amount to 1.2 million barrels a day within two weeks after manufacture continued at numerous oilfields this week.
The state-possessed firm stated that present oil production at NOC is at 860,000 bpd, against 560,000 bpd on June 11, before continuing output.
This is corresponding to the oil ministry's previous announcement that production is at over 800,000 bpd and is estimated to reach the "normal" 1.2 million bpd level by next month.
The 1.2 million bpd number was the average production last year, which was a major regaining from 400,000 bpd in the year before, as shown by World Bank estimates.
The NOC stated that "National Oil Corporation and its companies achieved a relative increase in oil production, with current production reaching 860,000 barrels per day, while the pre-reopening production rate was 560,000 barrels per day."
Adding "NOC is striving to increase production and bring it back to its normal rates of 1.2 million barrels per day in two weeks."
MENAFN25072022000045014228ID1104584709
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