Libyaâs oil recovery slows as fight brews over infrastructure spending By Salma El Wardany on 4/20/2021
LIbya s battle-scarred oil infrastructure is hampering the nation s oil export recovery.
(Bloomberg) Libyaâs oil production has fallen below 1 million barrels a day for the first time in months as a budgetary dispute hinders the OPEC memberâs ability to fix war-damaged infrastructure.
The National Oil Corp. stopped exports from the eastern port of Hariga, it said in a statement late Monday. The state firm said the central bankâs ârefusalâ to release money to the energy sector had forced local producers to pump less.
Libya Oil Recovery Under Threat as Output Falls Amid Funding Row
Bloomberg 2 hrs ago Salma El Wardany
(Bloomberg) Libya’s oil production has fallen below 1 million barrels a day for the first time in months as a budgetary dispute hinders the OPEC member’s ability to fix war-damaged infrastructure.
The National Oil Corp. stopped exports from the eastern port of Hariga, it said in a statement late Monday. The state firm said the central bank’s “refusal” to release money to the energy sector had forced local producers to pump less.
The quarrel risks derailing a recovery in Libya’s production following a truce in the nation’s civil war around mid-2020. Crude output surged from almost nothing from September and reached 1.25 million barrels a day last month, the highest level in eight years.
Libya Oil Recovery Under Threat as Output Falls Amid Funding Row
Bloomberg 2 hrs ago Salma El Wardany
(Bloomberg) Libya’s oil production has fallen below 1 million barrels a day for the first time in months as a budgetary dispute hinders the OPEC member’s ability to fix war-damaged infrastructure.
The National Oil Corp. stopped exports from the eastern port of Hariga, it said in a statement late Monday. The state firm said the central bank’s “refusal” to release money to the energy sector had forced local producers to pump less.
The quarrel risks derailing a recovery in Libya’s production following a truce in the nation’s civil war around mid-2020. Crude output surged from almost nothing from September and reached 1.25 million barrels a day last month, the highest level in eight years.
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