Brasília – The president of French oil group Total, Christophe de Margerie, informed on Friday (11) that oil production in Libya has dropped from around 1.4 million barrels of oil a day to less than 300,000 barrels a day. "Libyan oil production has dropped to 200,000 or 300,000 barrels a day," he said. The information was disclosed by the Portuguese official news agency, Lusa.
French company Total has several projects in Libya. However, according to Margerie, ever since conflicts started between forces loyal to Libyan president Muamar Kadafi and protestors, on February 15, several cities in which there are refineries have been affected.
The opposition to Gaddafi informs that it is controlling the main areas in which there is oil production in Libya. However, the government denies it. Libya produces 2% of the oil extracted worldwide, although the nation is responsible for 10% of the European market. Italy is the main buyer.
Oil operation is fundamental for the Libyan economy, representing 95% of exports and 25% of the country’s Gross Domestic Product (GDP).
*Translated by Mark Ament
