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Libya's Agoco Cuts Oil Output Further Due to Protests

Source: Reuters 5/5/2012, Location: Africa

Libya's Arabian Gulf Oil Company (Agoco) has cut oil production by another 10,000 barrels per day (bpd) due to protests that have closed off its headquarters for nearly two weeks, a spokesman said on Saturday. Abdeljalil Mayuf said Benghazi-based Agoco had now cut production by 30,000 bpd since Thursday. "We are now at 340,000 bpd," he said by phone.

Demonstrators have obstructed the main entry gate since April 23, preventing Agoco staff from reaching their offices. Agoco had threatened to cut output if no solution was found by Thursday. Mayuf said more than 100 Agoco employees gathered outside the Benghazi office of the High Security Committee on Saturday calling for a solution to end the blockade. He said officials there said that a meeting was planned later in the day with the head of Libya's ruling council over the matter.

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