Libya will have to raise by 40 percent its oil production—its major and almost exclusive foreign revenue stream—next year in order to meet its expenditures and start restoring the economy crippled by 10 years of civil war, Central Bank governor Sadiq Al-Kabir told Bloomberg in an interview published on Monday.
“[I]t is of course imperative that production rates in 2022 have to go higher,” said Al-Kabir of Libya’s oil output, which is around 1.3 million barrels per day (bpd) at present. According to the central bank’s…Libya Needs 40% Rise In Oil Production To Start Economic Recovery
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