Libya oil output falls to 1 mln bpd hit by money troubles

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Libya’s oil production fell to about 1 million barrels per day (bpd) in recent days and could drop further due to budgetary issues, the National Oil Corporation said on Thursday.

Production fell from about 1.3 million bpd, the NOC said.

On Monday the NOC declared force majeure on exports from Hariga oil terminal, operated by its subsidiary Arabian Gulf Oil Co (AGOCO), due to a budget dispute with the central bank.

AGOCO said on April 18 it had suspended output because it had not received its budget since September.

On Wednesday, another NOC subsidiary, Sirte Oil Company, said it was unable to sustain oil output and may have to halt it completely within 72 hours due to its dire financial situation.

Reuters

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