BREAKING NEWS

Libya govt says oil output improves faster than expected

By REUTERS

OCTOBER 3, 2011 15:35

BENGHAZI, Libya - Libya's interim government said on Monday the level of oil output was improving at a faster rate than expected but said it would take 12-18 months for production to return to normal.

Mahmoud Jibril, a senior member of the government, told a news conference that he would not give details about output for security reasons, as the oil sites could become targets for attack.

"It will take one to one-and-a-half years for production to reach its normal rate," he said, adding that the average rate of improvement was "better than expected."

A senior source in Libya's National Oil Corporation said last month that the country's total output could reach 500,000 barrels per day or nearly a third of pre-war output by early October.

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