Libya’s Oil Output Hits 11-Year High as Industry Recovers

BREAKING NEWSDecember 9, 2024 at 9:29 AM UTC

TLDR

Libya’s oil production reached 1.422 million barrels per day (bpd) on Thursday.
This marks the country’s highest daily output since 2013 and a sharp recovery following an August political crisis.
The surge follows a resolution of disputes between Libya's rival governments and signals renewed activity in the energy sector.

Libya’s oil production reached 1.422 million barrels per day (bpd) on Thursday, surpassing the National Oil Corp. (NOC) target by 22,000 barrels.

This marks the country’s highest daily output since 2013 and a sharp recovery following an August political crisis that halved production. The surge follows a resolution of disputes between Libya's rival governments and signals renewed activity in the energy sector.

Recent developments include Italy’s Eni Spa and BP Plc resuming drilling after a decade-long pause, and Libya preparing its first energy exploration tender since the 2011 civil war. November crude output stood at 1.14 million bpd, showcasing steady growth for Africa’s largest oil reserves.

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Key Takeaways

The rebound in Libya’s oil production is poised to inject much-needed foreign currency into the economy, despite years of instability and neglected infrastructure. While Libya is exempt from OPEC+ production caps, its increased output adds to global supply, complicating the group’s efforts to stabilize prices amid weak Chinese demand and surging U.S. production. This recovery positions Libya as a key player in global energy markets.

Libya

Oil Production

Oil & Gas

Crude Oil

Oil Exports

National Oil Corp