The Sara oilfield has dropped production by 50,000 barrels per day due to ongoing protests at the area, according to a new report by Reuters. The Libyan National Oil Company (NOC) said it was “very concerned” about the development of events in the area, adding notes that Wintershall had been reducing production without official notification. Despite the recovery in Libyan oil production over the course of 2017, Libya’s National Oil Corporation (NOC) has been able to raise funds to cover 25 percent of the its budget, according to a recent announcement by NOC Chairman Mustafa Sanalla. “Our colleagues in OPEC and non-OPEC understand the situation, there’s uncertainty in Libya ... We were very frank and we gave reports,” the oil leader added. Still, the war-torn nation requires financial support through the next stage of its development without a dictatorial voice.

Source: Libya Today November 03, 2017 00:00 UTC