Libya not to participate in OPEC cuts for foreseeable future?

By  Trend

Libya is not going to participate in OPEC oil cuts for the foreseeable future, according to the statement published on the website of the country’s National Oil Corporation (NOC).

NOC chairman Mustafa Sanalla has explained this with the dangerous economic situation in Libya.

Sanalla said Libya's oil production had more than doubled since the lifting of force majeure at Oil Crescent ports in September?, and that he hopes the use of blockade tactics in Libya to achieve political objectives would soon be a thing of the past.

“Libya’s oil can be a force for unity if it is allowed to flow freely,” he said. “Nearly all Libyans oppose blockades because they harm all of us. 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.?”

In September, OPEC producers agreed during the informal meeting in Algiers to cut down the oil output to 32.5 million barrels per day (bpd) from current production of 33.24 million bpd.

How much each country will produce is to be decided at the next formal meeting of OPEC on Nov. 30 in Vienna.