Libya Producing 363,000 bpd

Oil output from Libya is currently running at 363,000 bpd, with exports at about 200,000 bpd, the Tripoli-based oil minister, Mashallah Zwai, told Reuters.

Citing a report from the National Oil Corporation (NOC), which under Tripoli's control, he said this is down by half from November, when Libya was producing around 750,000 bpd.

Zwai said oil revenues would fall to between $10 billion and $12 billion this year after slumping to $15 billion in 2014 when Libya suffered a budget deficit of $19 billion.

He added that some 150,000 bpd of crude was being used for domestic refineries and that the biggest one in Zawiya was producing 110,000 bpd, just 10,000 short of its maximum capacity.

(Source: Reuters)

(Oil image via Shutterstock)

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