Off the wire
• Chinese shares close mixed Tuesday  • China' s e-sports fans winning the battle for acceptance  • Roundup: LatAm workers fight for labor rights on May Day  • 1st LD-Writethru: Former Anhui vice governor expelled from CPC, public office  • Ancient family tomb found in central China  • Thousands of people march for Labor Day, against Trump in Los Angeles  • DPRK says U.S. conducts nuclear bomb dropping drill in South Korea  • Xinhua Insight: Eradicating poverty: Chinese bring millennia-old vision to reality  • U.S. researchers create robotic system capable of 3D printing building in hours  • Syria's SDF forces capture 80 pct of IS-held city of Tabqa  
You are here: 　 Home

Libya gears up for oil production boost

Xinhua, May 2, 2017 Adjust font size:

Libya's national oil corporation on Monday said the oil production has raised to over 760,000 barrel per day (bpd), the highest since 2014.

Mustafa San'alla, head of the national oil corporation, said the corporation is planning to increase the production to 1.1 million bpd by August.

"The year 2016 recorded the lowest revenues of the state in its recent history, which was 8.6 billion dinars (about 6.08 billion U.S. dollars), San'alla said in a statement on Monday.

The expenses were almost 30 billion dinars (21.26 billion dollars), with a deficit of 21 billion dinars (14.88 billion dollars). This constitutes a cumulative deficit, since the closure of oil ports and fields, of 57 billion dinars (40.39 billion dollars)," he added.

San'alla also said that the deficit of the public budget was covered by the reserves of the central bank of Libya, which kept on decreasing since 2013.

He revealed that the closing oil ports and fields caused a loss of more than 130 billion dollars.

Libya's oil sector has been suffering since the uprising that toppled former leader Muammar Gaddafi in 2011. The oil production in Libya was 1.6 million bpd before the 2011 uprising. Endit