Libya prepares to double oil output to year end

Baku. 2 August. REPORT.AZ/ Libya plans to increase daily oil production from 400 thousand barrels up to 550 thousand barrels per day within two weeks and up to 900 thousand barrels a day by the end of the year.

Report informs, Libya's National Oil Corporation (NOC) said in a statement to The Wall Street Journal.

Libya's National Oil Corporation was provided with additional funding by Libyan governmentand as a result it is expected to increase oil exports. However, the main reason for increasing exports shows the factor that Libyan government and armed groups in the country have reached an agreement.

Notably, analysts of "Bank of America" announced that oil prices will drop to 35-40 USD/barrel.

The reason is global economic stagnation and growth of supply in oil market. Bank analysts added that

If oil production sector will work at full capacity supply in oil market will be increased and prices will automatically drop.

Notably, "Brent" crude oil sold at $ 42 a barrel. This is by 55% higher than recent economic crisis and less by 3.5 times than the maximum price.