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Bloomberg
Libya’s top oil chief expects Opec and allied producers to exempt the strife-torn North African country from any future cuts in crude output.
“The Opec community has understood the difficulties we face— Libya has withheld more than any other country from the global market,†National Oil Corp Chairman Mustafa Sanalla wrote in a phone message. “This should be factored in.â€
Opec and its allies are considering cutting oil output in 2019 as the group is increasingly concerned about the potential for oversupply. Libya, along with Nigeria, has been exempt from cuts since January 2017 due to domestic conflict. Libya has been rebuilding its energy industry from damage inflicted since a 2011 revolt and collapse in central authority. The nation’s production rose from 660,000 barrels a day in July to almost double that volume currently.
Saudi Arabia’s state-run news agency reported last week that it’s important Libya participate in decisions to re-balance
the market through production cuts. Also last week, Opec Se-cretary-General Mohammad Barkindo said the group was in talks with Libya and Nigeria about an oil-cuts deal.