Libya’s National Oil Corporation (NOC) announced on Friday that the Organisation of Petroleum Exporting Countries (OPEC) had exempted it from production cuts because of difficult conditions facing the country.
A statement issued by the NOC confirmed that the decision to exempt Libya from the production cuts was taken during a meeting held on Thursday via video conferencing.
On Thursday, the OPEC+ group, which includes the Saudi Arabia-led OPEC and other oil producers led by Russia, reached an agreement to increase oil production by 500,000 barrels a day starting from January.
The statement added that the meeting attendees welcomed Libya’s resumption of production and confirmed that it would continue to be excluded from cuts at this stage, in view of its urgent need to increase production rates and overcome economic problems.
The statement indicated that the meeting was aimed at assessing the state of the international oil market in terms of supply, demand and stock levels, and discussed the extent of member states’ commitment to cooperate regarding the agreed-upon production rates.
