Libya will not accept the proposal of OPEC to cut oil production

Libya will not accept the proposal of OPEC to cut oil production, according to the statement of the National Oil Corporation (NOC). The country will try to return to the levels of yield before the military conflict. Since September, Libya doubled daily oil production to 600,000 barrels after revoking some blockades of oil facilities in the country. Tripoli is still far from the levels in 2011, when the country was producing 1.6 million barrels per day.

“Libya is in a dangerous economic situation. There is no way to participate in the policy of OPEC to reduce production in the near future”, said the director of National Oil Corporation, Mustafa Sanalla

The question of freezing or even lowering the oil production will be discussed at a meeting of OPEC, which will be held on November 30 in Vienna. It is possible to reach a decision in this direction, but Libya and Nigeria need to be excluded, as there the yield was also affected by the conflict.

According to the plans National Oil Corporation of Libya, the country needs to increase production to 900,000 Barrels per day by the end of 2016 and to 1.1 million barrels in 2017.

However, this will depend largely on the removal of roadblocks on pipelines in western fields of the country.

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