Dbiebah urges OPEC members to increase oil supplies

Dbiebah urges OPEC members to increase oil supplies

March 16, 2022 - 20:12
Posted in:
Written By: AbdulkaderAssad

The Libyan Prime Minister, Abdul Hamid Dbiebah, urged OPEC members to increase oil supplies to help cover the current global shortage in energy, adding on Twitter that his government had devised quick plans to provide the needed capabilities for the National Oil Corporation to resume upgrading and maintenance projects to increase production in the short and medium terms, not to mention the increase in storage and exportation capacities so that Libya can step in to help in the current global energy crisis.

Oil prices are currently at a constant hike due to the Russian-Ukrainian war that started in late February. Oil barrels witnessed highest prices since 2008.

Meanwhile, the Italian Foreign Minister, Luigi di Maio, said his country was mulling increasing its gas imports from Libya and Algeria to replace Russian gas, which Rome decided to decrease by 50% in two months.

The Chairman of the Libyan National Oil Corporation (NOC) Mustafa Sanallah reiterated at CERAWEEK conference in the US that the NOC’s new strategy that focuses on gas production and increasing Libya's gas rates to respond to the increasing demand for gas in the European markets, knowing that there is western sanctions on the Russian energy sector.

Sanallah’s optimism was refuted by the Minister of Oil and Gas, Mohammed Oun, who said Libya wouldn’t be able to make up for the Russian oil exported to Europe now, adding that this could happen in 5 to 7 years, according to what Oun said to Russian Novosti news agency.