Libyan oil may be slow to rebound

TRIPOLI, Libya, Sept. 6 (UPI) -- The chairman of Libya's National Oil Co. said it may take 15 months for Libya to bring its oil industry up to pre-conflict levels.

Nuri Berruien, recently appointed to lead the company, said extensive damage to some oil production facilities and land mines put in place at others would slow down the effort to bring exports back to 1.6 million barrels per day, Britain's Financial Times reported Tuesday.

"In 15 months we can reach the pre-war level of 1.6 million barrels per day," Berruien said in an interview.

He called 15 months "the optimistic forecast," then added, "But I think there is reason for optimism."

Before the war that displaced dictator Moammar Gadhafi, who remains at large despite rebels taking control of most of the country, Libya was producing about 2 percent of the world's daily oil supply. As the conflict reduced exports to about 600,000 barrels per day, the International Energy Agency announced a coordinated program among its members to release oil from national reserves to stabilize the price of oil. In addition, Saudi Arabia, the world's largest oil producer, increased production.