The Libyan government, hit by budget constraints and by current market conditions, has announced a delay of up to 5 years in its previously released plans to raise its oil output capacity. "Our plan was to reach 3 million b/d by 2012, but because of the market conditions, as well as budget constraints," we delayed it to 2017, said Shokri Ghanem, chief executive officer of Libya's state-owned National Oil Corp. (NOC).
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