Libya increases its oil production

The Middle East Economic Survey news bulletin published in Nicosia on Monday said that oil production capacity in Libya is estimated at 1.565 million barrels per day. Thereby, Libya is violating its commitment to reduce its oil production in the context of OPEC.

The bulletin said that the production of the consortium by the Spanish Repsol company has been increasing from the new oil fields in Marzouk basin. Libya has within the framework of OPEC obliged itself to a production not to exceed 1.323 million barrels a day until the middle of next year.