[ad_1]
Libyan crude oil production reached 1.3 million barrels a day (bpd) on some days in October, a record for several years, approaching levels before 2011, said the head of the Libyan National Oil Corporation, Mustapha Sinnallah.
"Production hovers between 1.25 and 1.27 million barrels a day, sometimes reaching 1.3 million barrels a day," he said at a conference on oil in Benghazi, in east of the country.
Libya has returned to the upward trend in crude oil production, exceeding the one million bpd limit, in the third quarter of this year (July-September).
According to a report from the Organization of Petroleum Exporting Countries, "OPEC", two weeks ago, Libya's oil output rose to 1.03 million barrels per day in September 2018.
Libyan oil production fell below 300,000 barrels in 2013, as security tensions in the country intensified before production began to recover and then stabilize in 2018.
Libya relies on oil revenues to finance more than 95 percent of the state's public coffers, more than half of which is earmarked for public sector wages and public subsidies for a number of products, including bread. , fuel and services, such as free hospital care and treatment abroad.
The government is seeking to accelerate production and reach pre-2011 levels of about 1.6 million barrels a day in order to reduce the country's stifling financial crisis due to armed conflict and political divisions.
Libya spends $ 30 billion a year to cover public spending in the form of subsidies, wages and public spending. The number of employees in the general government sector is 1.8, accounting for about 25% of the country's population.
The National Oil Corporation has announced that oil revenues in the first seven months of this year amounted to $ 13.6 billion. Under Libyan law, the national company receives oil revenues from the Central Bank of Libya in Tripoli, and then receives its budget allocations from the government.
[ad_2]
Source link
