Wednesday, June 29, 2016

80% Drop In Libyan Oil Production "Not Good News" For Libya -- Bloomberg -- June 29, 2016

Bloomberg study suggests that an 80% drop in Libya's oil output is "not good news" for the country.

I cannot make this stuff up.

From Rigzone:
Ongoing militant attacks on hydrocarbon installations in Libya have helped stem the production of oil in the country to well below pre-2011 output levels.

“Such activity, in combination with oil embargos, has contributed to an 80 percent fall in national oil output since 2011,” said Ruth Lux, a senior consultant within JLT’s credit, political & security risk division consulting team.

For most of the last two years, oil production in Libya has been stuck at around 300,000 to 400,000 barrels per day (bpd).

This output drop is not good news for the country considering it’s one of the most dependent oil economies in the world, according to a study by Bloomberg released in January.
"Not good news" for Libya -- that its crude oil production has dropped 80% since 2011. Well, duh.

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