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FINANCIAL NEWS
Oil output in Libya plunges bellow 100,000 bpd
03 Sep 2013
(MENAFN) Oil output in Libya went bellow 100,000 barrels per day (bpd) following blockades on oil terminals enforced by guards, Times of Oman reported.
The guards, mostly ex-rebels who helped in the 2011 uprising that ended Moamer Kadhafi’s decades-long rule, say that the current government is selling oil excessively while the government accuses the guards of selling the oil in the black market.
Before the blockade, oil output in the North African country was averaging between 1.5 million bpd and 1.6 million bpd.
Oil and gas is the Libyan economy’s lifeblood as 80 percent of the country’s GNP comes from hydrocarbons and accounts for 97 percent of its exports.
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