Libya hopes to raise its oil capacity to up to 2.2 million barrels a day in coming years, its oil minister said Wednesday, even as the country tries to return to pre-conflict output levels.
Libya
hopes
to raise its oil capacity to up to 2.2 million barrels a day in coming years,
its oil minister said Wednesday, even as the country tries to return to
pre-conflict output levels.
At a meeting of the Organization of Petroleum Exporting Countries in Vienna,
Libya's oil minister Abdel Rahman bin Yezza said the country planned to
increase its capacity to "probably 2.0, 2.2 million (barrels per day) in
3-5 years."
In 2010,
Libya
's
capacity was 1.67 million barrels a day, according to the International Energy
Agency.
Bin Yezza also confirmed that
Libya
would
be back to full pre-crisis production levels by "about the second half of
next year."
In November, the chief of
Libya
's
National Oil Corporation Nuri Berouin had said
Tripoli
expected to reach pre-crisis levels of about 1.7 million barrels a day by the
end of 2012.
Libyan oil production all but halted following unrest in the North African
country but it has since resumed to 600,000 barrels a day, and was predicted to
attain 800,000 by the end of this year.
During and after the uprising against
Moamer
Gadhafi
,
Saudi Arabia
and
Kuwait
decided to pump more crude to compensate for the Libyan shortfall but bin Yezza
was optimistic on Wednesday that the
Gulf
states
would now pull back.
"I am sure they will accommodate us," he told journalists.
OPEC ministers were meeting in
Vienna
Wednesday to decide on whether to change oil production levels in the face of
over supply, weak demand, and high crude prices.
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