Azerbaijan, Baku, April 17 / Trend A. Taghiyeva /
Libya plans to increase oil exports from the country to 40 million barrels in May 2012, that is, up to 1.29 million bpd, the Libyan National Oil Company's report on its official website said today.
About 30 million barrels of the total export volume will be delivered by the Libyan National Oil Company and the remaining 10 million barrels by foreign companies investing in oil production in the country.
According to the information, the average price on Libyan crude oil is expected to hit about $120 per barrel in May.
The Libyan National Oil Company told Trend earlier that the country will increase oil production to 1.7 million barrels per day by the end of spring. This exceeds the pre-revolutionary volumes.
Libya ranks eighth in terms of oil production among 12 member countries of the Organisation of Petroleum Exporting Countries (OPEC) and third in Africa after Nigeria and Angola. The main importer of Libyan oil is Italy, followed by Germany, France and Spain. Libya's proven oil reserves are 45 billion barrels. Libya extracted 1.5 million barrels of oil per day before the revolution.