By Libya Herald reporter.
Tunis, 15 June 2015:
Libya’s oil production is up to . . .[restrict]around 500,000 bpd and gas production is up to around 200,000 cubic metres, the NOC in Tripoli has reported.
An unnamed NOC official was also quoted by the Tripoli-based LANA state news agency saying that oil production was set to increase, without giving any further details.
If these figures are correct, it would represent an increase in production as the most cited production figures had put production at around 300,000 bpd.
These increased production figures will come as a great relief for the Libyan authorities, but are still a far cry from the peak 1.5 million bpd that Libya reached in 2012 after the collapse of production during the 2011 revolution.
The production figures must also be taken into consideration with the collapse in international crude oil prices from over US$ 100 to around the US$ 60 / barrel mark.
Libya is currently going through an acute economic and financial crises with low oil revenues and depleting foreign currency reserves. [/restrict]