Libyan political, oil and bank heads discuss funds to lift crude output.

Catogory : Market Report

Libya’s politicals, held a rare meeting on Saturday with the head of the National Oil Corporation (NOC) and the governor of Tripoli’s central bank to discuss funding to raise oil production.

The meeting dealt with the necessary financial arrangements to provide funding to the National Oil Corporation so as to be able to raise production and carry out its tasks and responsibilities in … production, exploration, refining and transport of crude oil and petroleum products,” source said.

The statement added that rising oil output would help “reduce the deficit, and helps the Central Bank of Libya to take monetary policies.

Libya earns almost all its income from oil production, which has risen about fourfold over the past year-and-a-half to about 1 million barrels per day (bpd).

Libya agreeing to join the OPEC-Russia oil output deal, the country’s officials, crude producers and bankers are discussing ways to increase output in order to fix Libya’s public finances. This comes as global oil prices have stabilized above $60 a barrel, rendering oil production more profitable.