Libya’s oil production has dropped by about 200,000 barrels a day after the closure of a leaking pipeline of Waha Oil Company.
Libyan oil output has fallen to around 1 million barrels daily in the wake of Waha Oil Company’s decision to shut the pipeline taking crude to the eastern oil port of Es Sider – the country’s biggest – the state-owned National Oil Corporation said in a statement Saturday.
The National Oil Corporation is the body that controls Waha Oil Company. It said the repairs of the pipeline could take two weeks, though it hoped they could be completed in half that time.
“The pipeline could no longer continue to operate due to the large number of leaks, and it’s worn out,” the NOC said, explaining that what happened with Waha Saturday “happens daily with other companies that suffer from a budget shortage”.
The NOC explained that other oil companies are also under the threat of having to reduce their production and to even halt it completely due to such maintenance problems arising from the lack of budgets.