• 3 minutes Looming European Gas Crisis in Winter and North African Factor - a must read by Cyril Widdershoven
  • 7 minutes "Biden Targets Another US Pipeline For Shutdown After 'Begging' Saudis For More Oil" - Zero Hedge Monday Nov 8th
  • 12 minutes "UN-Backed Banker Alliance Announces “Green” Plan to Transform the Global Financial System" by Whitney Webb
  • 20 hours Microbes can provide sustainable hydrocarbons for the petrochemical industry
  • 1 hour CO2 Electrolysis to CO (Carbon Monoxide) and then to Graphite
  • 3 hours Hunter Biden Helped China Gain Control of Cobalt Mines in Africa
  • 8 hours NordStream2
  • 1 day GREEN NEW DEAL = BLIZZARD OF LIES
  • 5 hours Building A $2 Billion Subsea Solar Power Cable From Chile To China
  • 4 days Is anything ever sold at break-even ? There is a 100% markup on lipstick but Kuwait can't break-even.
  • 4 days Modest drop in oil price: SPRs vs US crude inventory build
  • 5 days 2019 - Attack on Saudi Oil Facilities.
  • 11 hours "Gold Set To Soar As Inflation Fears Mount" by Alex Kimani
  • 5 days Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 6 days Ukrainian Maidan after 8 years
Oil Nations Are Selling Billions In Green Bonds

Oil Nations Are Selling Billions In Green Bonds

Environmental, social, and governance investing…

Space Waste Could Become Big Business

Space Waste Could Become Big Business

Space waste is a growing…

Libya’s Oil Production Set To Stabilize In 2021

Libya may be able to maintain its current level of oil production of around 1.2 million barrels per day (bpd) until the end of the year as the oil sector is finally receiving enough funding for field maintenance and development, Libya’s Oil Minister Mohamed Oun told Bloomberg in an interview.

Oun was sworn in as the first oil minister of the country since 2014 as the new Libyan unity government took office earlier this month. The new cabinet is the first unity government of the war-torn country since 2014, and could potentially pave the way to more stability in oil production in the African OPEC member, which is exempted from the OPEC+ cuts. 

The government has now approved a budget of US$1.6 billion to the National Oil Corporation (NOC), the largest recipient of Libya’s development budget, according to Bloomberg.

“There is a reasonable allotment of funds for oil-sector activities,” Oun told Bloomberg, noting that the funds could be enough for the needs of the oil sector for the rest of this year.

Apart from frequent blockades of oil ports amid the fighting, Libya’s oil production has suffered in recent years from a chronic lack of funds to NOC for oilfield development and infrastructure maintenance.

This has led to volatile production volumes from Libya, which is exempted from the OPEC+ cuts due to its fragile security situation. A more stable level of production, however, could mess with the OPEC+ plans to manage oil supply this year.

When the alliance announced the massive cuts in April 2020, Libya was pumping less than 100,000 bpd, and its oil export terminals were blocked by the self-styled Libyan National Army (LNA) of General Khalifa Haftar. The blockade ended in September, and Libya has managed to quickly restore its production to the pre-blockade levels, surprising many analysts.

Days before Libya’s unity government was sworn in, NOC’s chairman Mustafa Sanalla told Bloomberg Television that the country planned to raise its oil production to 1.45 million bpd by the end of this year.  

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News