Libya’s Avoids Oil Production Crisis, NOC Gets State Funding

The Libyan government has released state funding to the tune of $1.06 billion to the National Oil Corporation that NOC will use to maintain oil production in the current year, Reuters reports, citing a government statement. Last week, NOC’s chairman, Mustafa Sanalla, warned Libya’s oil production could drop steeply during financial 2019-2020 unless the Government of National Accord, which is internationally recognized provided the funds it had agreed to allocate for NOC’s needs. “If the corporation’s allocations are not released…