Yesterday, the Libya Herald reported that Mustafa Sanallah, the head of Libya's National Oil Corporation, told the Austrian-Arab Forum in Vienna that the dire state of Libya's economy means that it cannot afford to be part of OPEC production cuts. OPEC members are due to meet on Wednesday in Vienna to agree production cuts. Libya's oil production has doubled since September, but is still a long way short of the 900,000 bpd target Sanallah set for the end of the year.
NOC's Sanallah Says Libya Will Not Be Part of OPEC Cuts