Fall in Libyan Crude Production

Port closures due to bad weather have reduced Libyan oil output by 100,000 barrels per day (bpd) because of inadequate storage facilities, National Oil Corp (NOC) said on Friday. NOC said on Thursday that the bad weather had forced it to halt operations at six ports including Es Sider. Total Libyan output on Friday was 1.1 million bpd, NOC's media office said.

NOC said the stoppage at Es Sider had forced NOC's Al Waha Oil Co to reduce production by 100,000 bpd because 11 of 19 storage tanks at the port were out of service. In a statement, NOC blamed contract restrictions imposed by Libya's state Audit Bureau for the storage problems. NOC has previously also said a lack of adequate financing from the government has stopped it carrying out work, thereby constraining output.