News In Brief
Finance Minister: Libya is expected to produce two million barrels of oil per day by end of 2022 depending on budget
The Minister of Finance, Khalid Al-Mabrouk predicted that Libya’s oil production is expected to rise to two million barrels daily by the end of 2022, providing the National Oil Corporation (NOC) was granted the 1.1 billion dollars allocated in the budget.
Al-Mabrouk informed the Arab News, on the side-lines of the annual general meeting of the Islamic Development Bank, that oil exports rose to approximately 1.2 million barrels per day, explaining that it is expected to continue rising to reach 1.3 million, noting that if this is the case, it could reach two million barrels daily by 2022.
He went on to stress that the oil industry in Libya faces only one difficulty, which is that the oil fields, along with some refineries and ports require extensive maintenance, which has not been conducted over a ten-year period, according to what he said.