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Libya may suspend oil extraction due to military conflict

February 16, 2015, 11:48 UTC+3

The output has fallen from 3.5 million barrels daily in February, 2011 to 350,000 barrels a day in January, 2015

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© AP Photo/Hussein Malla, File

MOSCOW, February 16. /TASS/. Libya's National Oil Corporation can suspend oil extraction at all its deposits due to an armed conflict, says a statement of the company.

The company has trouble ensuring the safety of its employees, and fears the technical staff might leave the extraction sites due to danger of repeated armed attacks. The company called the country's Defense Ministry to provide the necessary means for protection of oil extraction sites.

Libya, a member of OPEC, has the largest hydrocarbon deposits in Africa. The daily output before the start of the armed conflict in 2011 stood at 1.6 million barrels a day. In 2014, a little over 430,000 barrels was extracted daily. In January, 2015, the output fell to 350,000 barrels a day.

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