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Libya's refusal to attend the Doha production freeze agreement may cast a shadow

Libya's refusal to attend the Doha production freeze agreement may cast a shadow

March 23, 2016

[China paint information] a Libyan representative to the organization of Petroleum Exporting Countries (OPEC) said on Tuesday (March 22) that Libya would cooperate with Iran to boycott the production freeze agreement and planned not to attend the meeting of oil producing countries to be held in Doha on April 17, The meeting will discuss a production freeze agreement to stabilize oil prices

if Libya and Iran are both absent, OP and the whole process resolution remain unchanged, the production freeze agreement between EC and non OPEC oil producing countries may be cast a shadow. Even though Libya's crude oil production has been fluctuating for months, the possibility of rapid growth of this domestic production is still low

the Libyan representative said, "we will not attend. Obviously, they must agree that we can resume crude oil production when the national security situation improves."

as early as mid February, when Saudi Arabia, Qatar, Venezuela and Russia reached the intention to freeze production, Libya has expressed its desire to restore crude oil production to the level before the civil war

as the host of this meeting, Qatar has invited all 13 OPEC member countries and non OPEC major oil producing countries. The market expects that this meeting will further expand the impact of the production freeze agreement

for many people, in order to cope with the extreme temperature conditions in the flight process, although Iran has not yet made it clear that the impact testing machine is a double knife structure with hydraulic transmission and confirmed whether to attend the meeting, the Iranian official has reiterated its position that it will not freeze production, and the country plans to return the crude oil production to the level before sanctions

relevant data show that the potential production growth of Libya and Iran is of great importance to the market, but the Libyan civil war has led to the domestic production volume falling to 400000 barrels per day since 2014, significantly lower than the level of 1.6 million barrels per day before the outbreak of the civil war in 2011

Iran's crude oil production in January was 2.9 million barrels per day, and the country said it would further increase its exports of 500000 barrels per day, but its exports to Europe are only moderately increased at present

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