Libya records highest oil output since 2013

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FILE: Brega oil refinery in Libya, March 4, 2011. /CFP

Libya's total oil output reached about 1.49 million barrels per day (bpd) on Sunday, the highest level since 2013, the National Oil Corporation (NOC) said on Facebook.

Crude oil output hit 1.44 million bpd, while condensate output stood at 49,163 bpd, it said.

Libya depends heavily on its oil industry, which accounts for more than 90% of government revenues and over 95% of export earnings, according to official and international estimates.

However, production has been repeatedly disrupted in recent years due to conflict and political instability.

The NOC achieved its highest monthly revenue in 10 years this May, generating nearly 4 billion US dollars, according to local media reports.

Source(s): Xinhua News Agency

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