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FINANCIAL NEWS
Protests reduce Libya’s oil output by 300k bpd
08 Jul 2012
(MENAFN) Libya’s National Oil Corporation (NOC) Chairman, Nuri Berruien, stated that the country’s oil production has dropped by nearly 300,000 barrels per day (bpd) due to the protests and storage and market-related factors, reported Arab News.
Berruien said that Libya’s oil output stands at around 1.3 million bpd, adding that political protesters had stopped the lifting of crude from terminals in the east, including Es-Sider and around Ras Lanuf.
Libyan Deputy Oil Minister, Omar Shakmak, said that for security reasons, the ministry decided to reduce exports from the host terminals, such as Sidra and Ras Lanuf, which led to a slash in output.
It is worth noting that Libya’s oil output has recovered quickly after nearly stopping during 2011’s civil war, while exports have surpassed pre-war levels.
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