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FINANCIAL NEWS
Libyan rebel held area will not pump oil
17 Jul 2011
(MENAFN) Libya’s Arabian Gulf Oil Company’s (Agoco) information manager, Abdeljalil Mayouf, said that due to reparations in the oil fields units in the rebel held area, Libya was not ready to produce oil, reported Arab News.
Mayouf added that it might take the country longer time than expected to return to its pre-war oil production levels.
He also said that the country produced around 1.6 million barrels per day before the war; nevertheless, since the infrastructure was damaged and foreign countries imposed sanctions on Libya, production dropped to almost zero.
It is worth noting that if Libyan leader Muammar Qaddafi steps down, Libya will be forecasted to pump 1 million barrels per day of oil in a few months.
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