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Eastern Libyan state oil firm AGOCO produces 270,000 bpd

The loss of oil revenue has triggered a public-finance crisis

Published: Updated:

Libyan state oil company AGOCO, which is active in the east of the OPEC member country, is producing about 270,000 barrels a day of crude, unchanged from a week ago, a company spokesman said on Sunday.

The company’s Hariga export port and connected Sarir and Messla oilfields are working normally, he said, adding: “We are facing no problems at all.”

The port located in the eastern city of Tobruk has had to close several times this year because of protests and a pipeline blast.

The Arabian Gulf Oil Co (AGOCO) is part of the NOC state oil company controlling the country’s oil and gas sector.

But crude supplies to the Zueitina port, also located in the east, are still blocked due to a protest by locals demanding jobs, another oil official said.

The Arabian Gulf Oil Co (AGOCO) is part of the NOC state oil company controlling the country’s oil and gas sector.

The closure of several oilfields across the North African country has reduced Libya’s oil production to between 380,000 and 400,000 bpd, an industry source has told Reuters. Libya had pumped up to 1.6 million bpd in 2010, before an uprising ousted leader Muammar Qaddafi.

The loss of oil revenue has triggered a public-finance crisis, forcing the central bank to use up a quarter of its foreign currency reserves in 2014, official data shows.

Libya is now caught in a struggle between two governments, one based in the east and a rival administration controlling Tripoli, as rebels who helped to oust Qaddafi in 2011 have fallen out along political, regional and tribal lines.