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FINANCIAL NEWS
Libya’s oil output sees 50% decline
01 Mar 2011
(MENAFN) The head of the state-run National Oil Company and Libya’s de facto oil minister, Shukri Ghanem, said that oil production in the country decreased by 50 percent, reported Arab News.
Ghanem said that the country is the only affected member of OPEC regarding oil production by the protests in the Arab world.
Ghanem added that the Libyan government still has full control of the country’s oil fields, refineries and pipelines. He denied what was said by EU Energy Commissioner that Qaddafi had lost control of the country’s main oil and gas fields.
According to de facto oil minister, the reason behind the drop in oil production is foreign workers returning to their countries. Ghanem stressed that is safe for the laborers to return to Libya.
It is worth noting that Libya’s oil output amounts to 1.6 million barrels per day of crude oil, and about 85 percent of its exports are Europe-bound.
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