World Bank: Libya's goal of increasing oil production to 1.6 million barrels per day too optimistic

Alwasat - Cairo Tue 02 Apr 2019, 05:29 PM
alwasat radio

The World Bank said the country's ambition to raise oil production to 1.6 million barrels per day was over-optimistic, due to frequent production disruptions caused by political conflicts, insecurity, reforms and lack of investment.

The World Bank said in a report entitled "Libya: Economic Prospects April 2019" that economic activities are constrained by repeated clashes over oil infrastructure facilities, making it difficult to control the oil wealth.

The report pointed out that Libya's production was less than 1 million barrels per day on average in 2018, which led to a drop in the economic growth rate to 7.8% after recording record growth of 26.7% in 2017, a relatively strong economic performance after four years of recession between 2013 and 2016.

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