Tripoli, Libya (Agencies): Libya’s National Oil Corporation (NOC) announced a new production high, pumping 1,386,030 barrels of crude oil and condensate daily, along with 203,017 barrels of gas equivalent (boe). This brings Libya’s total production to 1,589,047 barrels per day—a significant milestone for the oil-rich nation.
The announcement comes as global oil prices remain relatively steady, with Brent crude trading at $73.04 per barrel and the US benchmark WTI at $68.58.
The increase in production follows the resolution of a political dispute over the appointment of a new governor to the Libyan central bank, which had led to a suspension of crude production at most Libyan oilfields for over a month starting in late August. The rival factions reached an agreement in UN-mediated talks at the end of September, paving the way for restoring oil production and exports.
Despite the recent boost, challenges remain as the country’s oil industry is still at risk of shutdowns due to ongoing political tensions. However, with major companies like Eni and BP returning to Libya, there is hope that stability will continue to improve.
For now, this record-breaking output is a win for Libya’s economy and a sign that its oil sector is regaining momentum, even as the broader market faces uncertainty.