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“Eurasia” Predicts a Continued High Oil Production in Libya

The political risk consultation group “Eurasia” predicted that the oil production in Libya will continue to rise in the upcoming years as a result of the expected political agreement in the country.

In a research note published by “CNBC”, on Tuesday, the group said that the political agreement in Libya will open the way to more investment in the oil fields.

The site quoting the “Bloomberg” newspaper, imparted press statements by the President of the National Oil Corporation Mustafa San Allah, stating that the Organization “OPEC” understands the economic difficulties facing Libya.

From another side, the researcher in the Middle East and North Africa group, “Eurasia” Sarah Al-Shaalan, that the return to the electoral process to be implemented will help restore the legitimacy of the political system in Libya, and was able to reunify institutions and security forces, which indicates that oil production is likely to go hand in hand with improved confidence in Libya’s political prospects.

The Organization of the Petroleum Exporting Countries (OPEC) excluded Libya and Nigeria at its meeting last year, of the agreement to reduce production, which was signed because of the presence of security disturbances in them and the lower production than normal levels.

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