Libya will not join OPEC quotas until its production stabilizes at 1.7 million barrels per day (bpd), a Wall Street Journal reporter tweeted, citing the National Oil Corporation (NOC) chief.
Libyan oil production could reach 1.3 million bpd within a month, NOC’s Mustafa Sanalla told the Journal.
OPEC-member Libya is exempt from making production cuts under a deal agreed between OPEC, Russia and other oil producers.
“Our production may fall back to near zero,” Libya’s NOC chief Mustafa Sanalla told WSJ. The “approved budget is well short of what was requested by the NOC and will take us nowhere,” he added.