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Libya’s oil sector back on track as Libyan dinar set to regain some value

Remarkable developments in the Libyan oil sector have taken place in terms of lifting the status of force majeure on the fields and ports of the National Oil Corporation, in light of expectations that the level of production will reach one million barrels of oil per day within four weeks.

The National Oil Corporation, on Friday, announced the lifting of the force majeure status of “Sidra and Ras Lanuf”, indicating that it expects the level of production to reach 800,000 barrels per day within two weeks; Confirming that it will exceed one million barrels within four weeks, pointing out that gas production for the electric power production units in “Zweitina and North Benghazi” will increase after the recent developments.

An official source working in the oil field said, in a statement to 218News, that the technical teams are at the “Sidra” port, the largest oil port in Libya, which is managed by the “Al-Waha” company;  embarked on preparing for the return of export operations soon, as well as preparations to restart work in all oil fields.

The same source explained that the company’s emergency committee visited the fields to see safety measures and prevention from the Corona virus, in implementation of the recommendations of the Board of Directors to ensure the safety of workers, coinciding with the increase in the pace of work in the oil fields in preparation for the return of production and export.

Meanwhile, Reuters agency reported that the port of Sidra is expected to enter the first tanker after 48 hours to ship a quantity of oil whose details have not been announced.

Will the gradual return to production really succeed in alleviating the suffering of the citizen, and affect the value of the dinar on the black market and contribute to improving The general stability of the state’s economy? Will it succeed in compensating for the loss of ten billion dollars.

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