Libya’s oil production a threat to OPEC… WSJ

January 11, 2017 by Jim Colburn Leave a Comment

Libya’s oil production is on the rise… Here is the WSJ:

“…Libya’s production rose to a three-year high of 708,000 barrels a day this week, an NOC spokesman said, after having fallen to less than 200,000 barrels a day last year. The country has Africa’s largest oil reserves and has produced as much as 1.6 million barrels a day in the past.”

“Libya’s output is flowing so freely that the NOC believes it could hit 900,000 barrels a day this year, up from average daily production of 575,000 barrels a day in November when OPEC struck its deal. That would cancel out the entire cut contributed by Russia and could force Saudi Arabia to slash more output than planned to ensure OPEC meets its output targets, something the kingdom’s officials have suggested they would do.”

http://www.wsj.com/articles/libya-throttles-up-oil-production-threatening-opec-plans-1484048067

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