The National Oil Corporation of Libya has announced that the daily production of oil in the North African country has gone past a million barrels per day. The Corporation gives the accurate number as 1,036,035 barrels a day.
The raise comes just a few weeks after the Corporation announced it has reached 800,000 barrels per day and said it plans to attain a production rate of a million barrels per day before the end of the year. The feat is remarkable considering the country had a production rate of under 100,000 barrels a day earlier in September.
The NOC appreciated the efforts of the employees of the oil sector in different parts of the country that has been working relentlessly in what it described as ‘under very difficult circumstances.’
According to the Company, “the National Oil Corporation faces very big financial difficulties and a huge shortage of its budgets which led to accumulating of debts on the sector’s companies and significant delay for the salaries of its service companies.”
“The National Oil Corporation asserts that it may not be able to sustain the current production levels and these levels may be reduced or totally ceased under the reluctance of some entities and their hindering of NOC’s efforts to increase production and restore the prosperity of the national economy.”