Libya’s last major oil port readying to resume exports
The country aims to improve and speed up the oil industry by doubling oil production in 2017, which currently stands at 700,000 barrels/day, up 120,000 barrels/day from November and 160,000 barrels/day from October levels, the Bloomberg data showed.
Last month, Libya’s two oil fields, Sharara and El Feel, had reopened after two years. The two oilfields were expected to increase production by 175,000 barrels/day in a month and by 270,000 barrels/day over the following three months, which was estimated to add $4.5 billion to the country’s economy in 2017.
Libya is also one of the two countries which are exempt from the OPEC’s oil production cut deal due to the domestic conflicts that had been going on in the country over this year, along with Nigeria.
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