Alexa

Libya orders further oil cuts of 20K bpd

Libya orders further oil cuts of 20K bpd

Libya's oil chief says his country will cut production _ starting in January _ by almost 20,000 barrels per day more than Libya's OPEC quota.
National Oil Corporation head Shukri Ghanem says the latest cuts would bring Libya's total output reduction to 270,000 barrels per day from September levels. That is about 20,000 barrels more than the country is required to cut under its OPEC quota.
The new cut was ordered Tuesday.
It comes as the 13-member OPEC cartel struggles to boost oil prices. They have fallen by about 70 percent from mid-July highs amid a global financial meltdown that slashed demands for crude.
OPEC agreed at a December 17 meeting in Algeria to cut production by 2.2 million barrels per day.


Updated : 2021-03-08 18:27 GMT+08:00