Head of Libya National Oil Corp Working to Regain Market Share
Published By : 19 May 2015 | Published By : QYRESEARCH
Libya’s National Oil Corp (NOC) chief forecasts increased oil prices and has said that the company is stepping up efforts to improve output and regain market share that was taken up by other products.
Chairman of the National Oil Corp Mustafa Sanallah spoke about a visit to London and said that while he was there, he saw indications that the demand for oil is set to increase across the globe. He also anticipates a drop in the supply of shale oil in the United States.
The general consensus, Mustafa Sanallah said at the Platts Global Crude Oil Summit on Tuesday, that the prices of oil will definitely recover. The worst of the crude oil market has been left behind, he added saying that they now expect the price of oil to begin rising in the start of the second half of the current year. This rise in oil prices will continue to hike in 2016.
Brent crude oil is presently trading at approximately US$65 per barrel, which has gone up from a low of almost US$45 as was seen in January this year. However, this figure was nearly half the level that was set in June last year before a collapse following a global glut.
Libya, member of the OPEC (Organization of the Petroleum Exporting Countries) produced nearly 1.6 million barrels of oil on a daily basis before the revolution of 2011 wherein Muammar Gaddafi was ousted. The output, however, is still much lower owing to unrest.
Mustafa Sanallah said that Libya was pumping up to 436,000 barrels per day and he hopes that this total will grow by an additional 200,000 over the next two months. This will be achieved by repairing damaged fields and maintaining a dialogue with the various elements who are blocking the oilfields and pipelines.