Sunday, November 13, 2011

Libya Says Oil Output Can Reach 800,000 Barrels by End 2011

From Bloomberg

Nov. 13 (Bloomberg) -- Libya, the holder of Africa’s biggest oil reserves, will produce as much as 800,000 barrels of crude a day by the end of this year, the chairman of state-run National Oil Corp. said.

Libya’s oil industry will recover more quickly than the International Energy Agency predicted after suffering disruptions this year amid fighting that engulfed the country, Nuri Berruien said today in an interview in Doha, Qatar. The nation currently pumps 600,000 barrels a day, he said, adding in comments to reporters that authorities will not award licenses to energy companies during its political transition after the death of Muammar Qaddafi.

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