Libya: Oil Minister Shakmak Sanguine Over Production Woes

The ramp up of the El-Feel field offers some hope that output can be revived, but the problems in Libya’s oil sector are highlighted by a gasoline shortage in Tripoli.

Libya’s new Oil Minister is optimistic that output will recover after falling to rock bottom levels in recent weeks, and expects other OPEC members to, if necessary, cut back production to accommodate rising Libyan volumes.

Umar Shakmak, who took up one of the most unenviable positions in the industry in February, has seen Libya’s production slump to a post-war low during his tenure. The drop ended any meaningful exports from the North African state, as the closure of western oilfields forced the government to prioritize local demand over international sales. In spite of these efforts, the capital Tripoli has been plagued by a prolonged shortage of gasoline. (CONTINUED - 1101 WORDS)