London, UK, Sep 26, 2020 - (ACN Newswire) - Oil Price, a British Company, has released a research report about the situation with oil in Libya. Ahmed Maiteeq, Vice Chairman of the Presidential Council of Libya, arrived in the capital of Turkey to take part in a series of working meetings. Last week he announced the creation of a Joint Commission to control oil revenues and ensure the fair distribution of these revenues in accordance with the principles set out.

According to a document that he published, this Commission would manage the distribution of revenues from Libyan oil export and the main functions of the Joint Commission will be to form a budget that is fair from both sides' point of view and to oversee the implementation of agreed expenditures. The Commission will perform its functions until a new unified government of Libya is elected. As a result of it the National Oil Corporation of Libya (NOC) announced that the status of 'force majeure' had been removed from the "safe" fields and ports.

Libya's economy is entirely based on oil production. Recall, that production in Libya plummeted to less than 100,000 barrels a day in January from 1.2 million. Goldman Sachs Group Inc. forecasts that Libya's output will rise to 550,000 barrels daily by the end of the year (Bloomberg: https://tinyurl.com/y2kvg9qx)

Experts note the role of Maiteeq, Libya's former prime minister, in the peace settlement in Libya. Previously, he had been on more than one occasion with diplomatic missions in different parts of the world, from Washington to Moscow. During a visit to Moscow in June 2020, Maiteeq predicted a decrease in the intensity of the conflict, and it was realized. And this is Maiteeq, who is responsible for peaceful talks between conflicting parties in Libya. (OilPrice.com: https://tinyurl.com/y544ob9f)

Stuard Reed director of corporate communicationspress@oilprice.comtel +44 0203 962 5740website www.oilprice.com

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