Riyadh anticipates that Libya will hold production of oil at the end of 2017

© AP Photo / Hasan JamaliДобыча oil. Archival photoRiyadh anticipates that Libya will hold production of oil at the end of 2017© AP Photo / Hasan Jamali

Libya in the current year will not increase oil production, and intends to adhere to the volumes reached in the end of 2017, said the Minister of energy of Saudi Arabia Khalid al-falih.

«We expect that in 2018, oil production will remain at the level that Libya was able to achieve by the end of 2017,» said the Saudi Minister to journalists following the meeting of the Ministerial Committee for monitoring agreements on reduction of oil production OPEC+ in Muscat. The meeting was also attended by the head of the National oil company of Libya Mustafa Sanalla.

According to the Saudi Minister, everybody is aware that Libya needs funds to rebuild the country, but all are also interested in stability in the oil market. «We are talking to our colleagues in Libya, that their task is not only to increase oil production and increase revenues. Stability in the oil market will give a better result,» said the Saudi Minister.

Libya and Nigeria previously did not carry commitments to reduce oil production under OPEC agreement+ because the oil industry of these countries suffered from the actions of armed groups. However, after the meeting all 24 of the participating countries of the Vienna Convention, held in late November of last year, it was decided that Libya and Nigeria in 2018 will limit the production level in 2017 is approximately 1 million bpd for Libya, and about 1.8 million barrels per day for Nigeria.

Currently, Libya produces about 1 million barrels per day. Budget revenues last year amounted to about $ 14 billion.

At the same time in mid-December, there is information that Libya is negotiating with OPEC about the possibility to increase the quota on oil production to 1.5-1.6 million barrels per day.Riyadh anticipates that Libya will hold production of oil at the end of 2017© RIA Novosti, Integratiebeleid in fotomonster and objectives of OPEC