The state-owned Libyan National Oil Corporation (NOC) announced on Friday that the country’s daily oil production has dropped by 100,000 barrels per day due to its inability to maintain oil tanks damaged by armed conflicts.
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Oil prices fell, on Thursday, on some profit-taking, but remained supported by a supply shortage as OPEC + producers stuck to moderate increases in production.
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Libya’s Attorney General, Al-Siddiq Al-Sour, is in Belgium where he met on Tuesday with a number of state officials to discuss the Libyan assets frozen in Brussels.
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Siddiq al-Kabir, Governor of the Central Bank of Libya (CBL) hosted in his office on Sunday a rare meeting of the country’s top officials including Prime Minister Abdul Hamid Dbeibeh, Chairman of Presidential Council Mohamed al-Menfi, Chairman of High Council of State Khaled Al-Mishri, and Deputy Speaker of the House of Representatives Fawzi Al-Nuwairi.
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Libyan Prime Minister Abdul Hamid Dbeibeh held a meeting on Saturday with Finance Minister Khaled Al-Mabrouk to discuss a number of economic policies.
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Oil futures fell nearly one percent during the Asian session after jumping to their highest level since October 2014.
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The Deputy Governor of the Central Bank of Libya, Ali Al-Hibri, stated that 50% of the cash reserve has been spent since 2011 due to wars, political conflicts and the government deficit in the general budget.
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OPEC+ compliance with oil production cuts rose to about 122% in December, two sources from the producer group told Reuters, indicating that some members continue to struggle to raise their output.
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Oil slipped on Thursday as investors took profits following a month-long rally in prices, but strong demand and short-term supply disruptions continue to support prices close to their highest levels since late 2014, Reuters reported.
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Libya plans to keep oil output at 1.2 million barrels per day (bpd) in 2022, Mustafa Sanalla, the chairman of the state-owned National Oil Corporation (NOC) told a news conference on Wednesday in Tripoli.
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