Libya could increase its oil production to 1.6 million barrels per day (bpd) by mid-2022, provided the north African country’s National Oil Corporation (NOC) receives necessary funding.
Libya currently produces approximately 1.2 million bpd, up from its average oil production of 1.163 bpd in June this year, according to OPEC’s latest Monthly Oil Market Report.
To date, the Libyan government has provided $327.68 million – pending approval of the budget for 2021 – to the NOC for the development of the country’s energy sector.
A recent contraction in oil production, as well as a blockade of the country’s main oil terminals by the Libyan National Army, saw the country’s production levels decrease to 100,000 bpd between January 2020 and September 2020. Following the lifting of the blockade in September 2020 and a ceasefire from October 2020, Libya’s oil production has since been restored to its current 1.2 million bpd.
