A view shows Mellitah oil and gas plant near Zuwarah, Libya, October 10, 2017. REUTERS/Hani Amara
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Libya's oil production revival is being undermined by the same financial, economic and security problems that threaten the promise of stability and a better life for the divided North African nation. Libya surprised many observers when it managed to raise its output fourfold to around 1 million barrels per day, boosting its only significant source of income.NOC chairman Mustafa Sanalla said last week that the corporation had only received a quarter of its 2017 budget, making a previously announced target of 1.25 million bpd by the end of the year "very difficult" to achieve.Production at the southwestern Sharara field, which can pump up to 280,000 bpd, or more than a quarter of the country's total output, is a frequent target of blockades.With the largest proven oil reserves in Africa, pumping more than 1.6 million bpd before 2011, Libya's production is closely watched.The World Bank projects a budget deficit this year of 22 percent, despite oil exports rising to an average of 0.62 million bpd from January to July.
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