Middle East Economic Survey


No 21



NOC Hints At 700,000 B/D Reduction In Output Target

Libyas National Oil Corporation (NOC) outlined plans to hike oil production to 2.3mn b/d between now and 2013, at a meeting of the General Peoples Committee on 19 May. But the production target is significantly lower than previously envisaged. Libya has a current capacity of around 1.8mn b/d, and last year NOCs Chairman Shukri Ghanem said this figure would rise to 3mn b/d by 2012....