Libya exempted from OPEC+ oil production cuts

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Libya exempted from OPEC+ oil production cuts

October 06, 2022 - 21:08
Written by: AbdulkaderAssad

Libya said Wednesday it was exempted from OPEC+ decision to cut oil production by 2 million barrels per day (bpd).

The Ministry of Oil and Gas said this decision came after a meeting with OPEC+ (members and non-members) in the organization's headquarters in Vienna, Austria.

Oil and Gas Minister Mohammed Oun attended the meeting on video conference. The meeting resulted in the 2 million bpd cut's decision and it would be shared as per an OPEC outlined schedule starting next November.

Libya is now producing 1.2 million bpd as per the latest data published by the National Oil Corporation (NOC). OPEC has previously exempted Libya from production cuts due to its ongoing crisis.