The Address | Benghazi – Libya
TRIPOLI – Chairman of the Tripoli-based National Oil Corporation (NOC), Mustafa Sanalla, said on Monday that he expects exemption from any future cuts in crude output by OPEC.
Speaking to Bloomberg via phone, Sanalla said “The OPEC community has understood the difficulties we face –- Libya has withheld more than any other country from the global market. This should be factored in.”
OPEC and its allies are considering cutting oil output in 2019 as the group is increasingly concerned about the potential for oversupply. Libya, along with Nigeria, has been exempt from cuts since January 2017 due to domestic conflict.
“It is in the best interests of both OPEC and non-OPEC countries to ensure that NOC and Libya are able to meet their market obligations to ensure price security and lower volatility,” Sanalla said. “Libya remains committed to meeting its contractual obligations to both the market and its OPEC partners and stands ready to respond to demand fluctuations.”
Libyan output recently hit 1.3 million barrels a day, and the country targets an increase to 1.6 million barrels a day, Sanalla said last month.