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FINANCIAL NEWS
Libya witnesses controversial oil deal
03 Jul 2016
(MENAFM) Once-rival leaders of Libya’s National Oil Corporation (NOC) have agreed on a structure for the group that aims to put to rest squabbles over who has the right to export the country’s oil.
Oil industry leaders in Opec-member Libya have said they could quickly increase production to 700,000 bpd if conditions stabilized. Before a 2011 revolution, Libya was producing 1.6 million bpd.
In detail, the rival oil officials agreed in principle to unify the oil sector in May, but the agreement on the structure and leadership of a joint group took weeks of meetings to iron out.
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