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Libya in talks to reopen some oil ports to increase output

by ChemOrbis Editorial Team -
  • 23/06/2015 (12:20)
According to media reports, Libya is in talks to reopen some oil and gas pipelines to Zueitina, Zawiya and Mellitah ports which were shut due to armed clashes within the country and protests demanding state jobs. If successful, the country’s oil output reportedly will increase to around 800,000 barrels per day (bpd) from the current level of about 400,000 bpd to 460,000 bpd.

Once oil production rises, Libya’s National Oil Corporation (NOC) will gradually release inventories to the global market in order to avoid any decreases in oil prices. NOC is also seeking to reopen the nation’s largest and third-largest oil ports, Es Sider and Ras Lanuf, in four to five weeks.

Libya reportedly aims to increase its oil output to 1 million bpd by the end of 2016 and 2.1 million barrels a day in 2017.
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