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Libya gears up for oil production boost

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Staff Writer | May 2, 2017
Libya's national oil corporation on Monday said the oil production has raised to over 760,000 barrel per day (bpd), the highest since 2014.
Mustafa San'alla
Oil exploration   The lowest revenues of the state
Mustafa San'alla, head of the national oil corporation, said the corporation is planning to increase the production to 1.1 million bpd by August.

"The year 2016 recorded the lowest revenues of the state in its recent history, which was 8.6 billion dinars ($6.08 billion), San'alla said in a statement on Monday.

The expenses were almost 30 billion dinars ($21.26 billion), with a deficit of 21 billion dinars ($14.88 billion). This constitutes a cumulative deficit, since the closure of oil ports and fields, of 57 billion dinars ($40.39 billion)," he added.

San'alla also said that the deficit of the public budget was covered by the reserves of the central bank of Libya, which kept on decreasing since 2013.

He revealed that the closing oil ports and fields caused a loss of more than 130 billion.