Oil supply contracts: Libya signs oil supply contracts with four companies

Libya has signed contracts on oil supply for next year with four companies, the Libyan national oil company (NOC) said on Wednesday. It named the companies as Glencore, Gianfor, Trafigura and Vitol.

The quick resumption of Libyan oil production has surprised many people, the Libyan News Agency said.

Libyan's production has reached one million barrels per day, according to the secretary-general of the Organization of Petroleum Exporting Countries (OPEC), Abdallah Al-Bedri.

Experts say that Libya needs additional 600,000 barrels per day to hit its daily production estimated at 1.6 million barrels.

At an OPEC meeting held last week in Vienna, Austria, the Libyan minister, Abderrahmane Ben Yezah gave an assurance of his country’s capacity to hit its level of production, saying the goal was to produce 2.2 million of barrels per day within five years.

(Source: Afrique en Ligne)

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