Libya: OPEC decides to continue excluding Libya from implementing the decision to cut production

While reviewing the obligations and debts on the oil sector which amounted to one billion and 48 million dinars, and the government’s decision to approve the budget, “Mustafa Sanallah,” Chairman of the National Oil Corporation, criticized the position of the Governor of the Central Bank of Libya towards the corporation, describing it as “still procrastinating until now”.

Sanalla said that the corporation seeks to raise production to 1.2 million barrels per day, adding that the National Oil Company has developed several projects within its plan for 2020-2021, including raising production for “Sirte” company to 120 thousand barrels per day, as well as carrying out maintenance and development works for Gulf companies,  Mellitah, and Zallaf.

On the other hand, the Organization of Petroleum Exporting Countries (OPEC) decided to continue to exclude Libya, Iran and Venezuela from participating in the cuts, due to the circumstances these countries are going through. The head of the National Oil Corporation, Mustafa Sanallah, reviewed during the 13th ministerial meeting of the “OPEC +” coalition, the state of his country in the framework of the international oil market in terms of supplies, demand and the level of stocks.

It is noteworthy that the “OPEC +” alliance includes in its membership 23 countries, previously had decided to reduce oil supplies by 9.7 million barrels per day as of May 2020, and the reduction was modified to 7.7 million barrels per day as of August 2020, then to 7.2 million Barrels per day as of the beginning of January 2021.

The participants in the meeting decided to maintain the current production rates of most of the OPEC+ member states until the end of March 2021. The meeting also agreed to hold the next ministerial meeting at the beginning of March 2021.