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Libya’s oil production shut 100,000 barrels per day

23 February 2011 08:07 (UTC +04:00)

Baku - APA-Economics. Oil prices have risen this week as the wave of political protest and violence, which has swept across the Middle East and North Africa, has engulfed oil producer Libya. Foreign oil companies are reassessing operations in the country and some oil fields are reporting disruptions, Reuters reported.

Production OPEC member Libya produces 1.6 million barrels of oil per day. It is the 17th-largest producer in the world, the third-largest producer in Africa and holds the continent’s largest crude oil reserves. At least some 100,000 barrels per day, around 6 percent of Libya’s production, have been shut in as a result of the unrest.

Libya’s oil industry is run by the state-owned National Oil Corporation, which is responsible for implementing exploration and production sharing agreements with international oil companies. Along with smaller subsidiary companies, the NOC accounts for around 50 percent of the country’s oil output.