Libya not to revise pre-war oil contracts

[tabatha]

11 November 2011, 14:09 (GMT+04:00)

Azerbaijan, Baku, Nov 11 / Trend T.Konyayeva/

Libya will not revise any oil export contract concluded before the revolution, at least until the general elections are held, AlArabia quoted acting Deputy Prime Minister Ali Tarhouni as saying on Friday.

Tarhouni said Libya seeks to increase oil output up to 700,000 barrels per day by the end of the current year.

"Libya plans to return oil output to its pre-war level of 1.6 million barrels a day by June, 2012," he underscored.

Furthermore, the Libyan government also plans to resume gas production, Tarhouni added.

http://en.trend.az/regions/met/arabicr/1955826.html?utm_source=dlvr.it&utm_medium=twitter

[dixiegrrrrl]

1. I can't find anthing about what currency Libya has been selling oil in

but I know that Gaddafi wanted to sell in only gold dinars and that Libya has 144 tons of gold.
Now that Gaddafi is gone, will Libya continue to push for non-dollar oil sales?

[tabatha]

2. Actually, I do not know.

But the story about the gold dinars is fiction.

[TheWraith]

3. Probably Euros would be my guess.

Most of their customer base was in Europe, and the Euro has been seen as a hedge against the weakness in the dollar the last 6 years or so. But I don't know for sure.