Libya’s oil output is holding up at about 700,000 barrels a day, helping ease fears the shutdown of ports and facilities by protesters had left production on the brink of collapse, according to a report by the Financial Times.
“We are aware of the oil ministry claim that Libyan oil production dropped to 100,000 barrels per day,” the Financial Times quoted an unnamed western diplomat as saying. “However, we believe that to be inaccurate; actual production is significantly higher.”
The diplomat said that, while Libya’s production fluctuated on a “daily basis”, only 30 to 40 per cent of the country’s overall production is down.