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Libya’s Berruien Expects to Reach Crude Target by February

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Aug. 15 (Bloomberg) -- Libya’s crude output will increase to a target of 1.7 million barrels a day by February, said Nuri Berruien, chairman of state-run National Oil Corp.

The country currently pumps 1.55 million to 1.57 million barrels a day, he said today by telephone from the capital, Tripoli today.

“The situation on the market caused production disruption,” Berruien said. “But everything is now back to normal. We are on track to reaching the final goal of 1.7 million barrels if not by the end of the year, then in January or February.”

Libya, holder of Africa’s biggest crude reserves, was forced to cut production last month as protesters briefly occupied three export ports amid the nation’s first free elections in more than 40 years. The country is seeking to boost its output after an anti-government rebellion last year disrupted production and exports.

To contact the reporter on this story: Ola Galal in Cairo at ogalal@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net

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