Bloomberg / DubaiLibya expects its oil production to drop by another 200,000 barrels a day over the next week as workers try to fix a damaged pipeline. Together, the closures will reduce Libyan production to about 700,000 barrels a day, the lowest in more than a year. Any sustained drop from Libya, which sits on Africa’s biggest oil reserves, could counter efforts by the Organisation of Petroleum Exporting Countries and its partners to boost exports. Libya pumped 1.2mn barrels a day on average last year. The NOC has warned it lacks the funds needed to sustain that level of production, let alone reach its target of 2mn barrels per day within six years.

Source: Libya Today January 03, 2022 19:27 UTC