Oil Output down to 300,000 bpd

Libya's oil production has dropped to 300,000 barrels per day, according to a report from Reuters.

Naji Moghrab, the top state oil official with the recognised government, told a local television channel that output was reduced because of fighting between various armed factions and the closure of 50,000 km of oil pipeline.

The internationally recognised government in Tobruk has been trying to get oil companies to abandon contracts signed with the Tripoli-based National Oil Corporation (NOC), but companies are wary given that much of the state oil company's infrastructure and contracts remain in the capital.

(Source: Reuters)

(Oil image via Shutterstock)

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