Why Libya’s Oil Production Could Drop This Week

Libya’s crude oil production, which has stabilized in recent months at just over 1.2 million barrels per day (bpd), could drop in the coming days and possibly weeks after a field operator stopped pumping crude because of delays of budget allocations. The Arabian Gulf Oil Company, a subsidiary of the National Oil Corporation (NOC), has decided to halt production because of the delays in the budget that is planned to allocate money to the oil firm to repair and maintain infrastructure and keep oil production online, Ahmed Al-Oraibi, head of…