Libya to Nearly Double Oil Output as OPEC’s Task Gets Harder
- Country targets about 1.1 million barrels a day in 2017
- Planned boost highlights challenge to OPEC’s accord on cuts
OPEC Expands Push to Secure Production Cut Deal
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OPEC’s Libya plans to almost double crude production next year even as the producer group tries to implement a deal to trim production and ease a global supply glut.
The country with Africa’s largest crude reserves currently produces 600,000 barrels a day, state-run National Oil Corp. Chairman Mustafa Sanalla said in a statement posted on the company’s website. It’s seeking to boost output to 900,000 barrels a day by the end of 2016 and about 1.1 million barrels next year, he said.