Production of Libyan crude oil exceeds one million barrels a day
The National Oil Corporation (NOC) of Libya has announced that it has managed to raise production rates to 1,036,035 barrels a day.
The company said the efforts were achieved under difficult circumstances particularly the current financial circumstances that the sector has been going through. The Corporation faces big financial difficulties and a huge shortage of its budgets which has led to accumulation of debts on the sector’s companies and significant delay for the salaries of its service companies.
The National Oil Corporation has however asserted that it may not be able to sustain the current production levels and these levels may be reduced or totally ceased due to reluctance of some entities and their hindering of NOC’s efforts to increase production and restore the prosperity of the national economy.