Libya Against Participation in OPEC Output Deals in Near Future

Libya can not participate in the Organization of the Petroleum Exporting Countries (OPEC) oil cuts for the foreseeable future, according to the statement of Libya's National Oil Corporation (NOC).

MOSCOW (Sputnik) — Libya will not participate in potential agreements of the Organization of the Petroleum Exporting Countries (OPEC) aimed at oil production freeze in "foreseeable future," Libya's National Oil Corporation (NOC) said in a statement on Sunday.

"Libya is in such a dangerous economic situation, there is no way it can participate in Opec production cuts for the foreseeable future, NOC chairman Mustafa Sanalla told delegates at the 8th Arab-Austrian Economic Forum in Vienna on November 25," the statement said.

The statement added that the official expressed hope that the tactics of blockade in order to achieve political objectives would become a thing of the past.

In September, the OPEC oil producing nations reached a preliminary agreement to set the oil output ceiling at 32.5-33 million barrels a day for the cartel in order to support the oil prices. Under the preliminary deal Iran, Libya and Nigeria were expected to receive concessions on oil output cuts.

The OPEC countries have yet to finalize the deal at the November 30 meeting in Vienna with non-member states, open to capping the output.