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Libya's humanitarian situation must be factor in any talk of curbing oil output -NOC
July 10, 2017 / 9:45 AM / 2 months ago

Libya's humanitarian situation must be factor in any talk of curbing oil output -NOC

TUNIS, July 10 (Reuters) - Libya’s political, humanitarian and economic problems must be considered in any discussions about capping the country’s rising oil production, the head of the National Oil Corporation (NOC) said on Monday.

“Libya can play a constructive role in stabilising oil markets by informing OPEC and markets about its plans to restore production,” NOC Chairman Mustafa Sanalla said in comments provided to Reuters by email.

”Accurate information will remove uncertainty and help the market understand and respond to future supply levels.

“Libya’s political, humanitarian and economic situation needs to be taken into account if we are going to talk about production caps.”

In light of disrupted production in both countries, OPEC exempted Libya and Nigeria from a campaign which began on Jan. 1 to curb output by 1.2 million barrels per day (bpd) aimed at supporting crude prices. (Reporting by Aidan Lewis; editing by Jason Neely)

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