Vienna — Libya believes there is no need for a further 600,000 b/d OPEC+ cut because the market has lost more than 1 million b/d production from the North African country, which has been under a blockade since January 18, the chairman of its state-owned oil company said Wednesday.
Receive daily email alerts, subscriber notes & personalize your experience.Register Now
"I think there is no need to reduce because they've already now lost 1 million b/d," and [I don't see] why people are in a hurry on a production deal," Mustafa Sanalla of National Oil Corp. told reporters in Vienna, where OPEC+ ministers are meeting this week to discuss further cuts.
Sanalla said the proposed 600,000 b/d cut "is not logical" and that the 1 million b/d loss is "enough."
Sanalla, who believes a $50/b oil price is "good," said Libya was currently producing around 121,000-123,000 b/d because of the blockade.
The self-styled Libyan National Army, led by General Khalifa Haftar and backed by Russia among other countries, imposed the blockade on five key oil terminals as it jostles with the UN-backed Government of National Accord for control over the country's oil industry and revenues.
"I can say we are working very hard with all parties inside and outside," said Sanalla, commenting on the situation in Libya. "We try to mitigate that and I think we're always optimistic."
He added that Libya could return to a production level of 1 million b/d "within days" when the blockade is lifted.