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11:39 |
Fighting in the country has reduced Libya's oil output to 500 million barrels a day from 1.6 million barrels before the conflict broke out
"Fighting in the country has reduced Libya's oil 
output to 500 million barrels a day from 1.6 million barrels before the conflict broke out, according to Mr. Ghanem.
He said that the National Oil Corp. was intent on honoring all agreements with foreign oil companies and wasn't contemplating ending contracts or re-opening tender processes for exploration, despite the heavy international pressure that Libya is facing from key oil company partners in Europe."
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