Libya rules itself out of OPEC output cuts

"The important thing now is that all Libyans should benefit from increased revenues. This will be the real test of whether we can pull through our current political crisis and keep our oil flowing.‎"

Libya rules itself out of OPEC output cuts

World Bulletin / News Desk

Strife-torn Libya on Sunday ruled itself out of the oil production cuts which OPEC members are due to discuss at a meeting in Vienna this week.

"Libya is in such a dangerous economic situation, there is no way it can participate in OPEC production cuts for the foreseeable future," National Oil Corporation chairman Mustafa Sanalla said in a statement on NOC's website.

In September, the 14 members of the Organization of Petroleum Exporting Countries agreed at an informal Algiers meeting to cut output, hoping to boost prices that have been severely depressed since 2014.

Details of the deal and on how to distribute the cuts are expected to be worked out at a formal OPEC meeting in Vienna on Wednesday.

Libya is currently producing about 600,000 barrels per day (bpd) and aims to double output in 2017, as it targets the level of 1.6 million bpd of before its 2011 revolution.

Since the armed revolt five years ago that overthrew dictator Moamer Kadhafi, the North African country has been plagued by violence and political instability.

Güncelleme Tarihi: 27 Kasım 2016, 15:58