Libya’s National Oil Corporation (NOC) has achieved a new production record, actively producing 1,386,030 barrels of crude oil and condensate daily, alongside 203,017 barrels of gas equivalent (boe). This milestone brings the country’s total daily output to 1,589,047 barrels, marking an achievement for the oil-rich nation.
The announcement comes as global oil prices remain relatively steady, with Brent crude trading at $73.04 per barrel. The US benchmark WTI is trading at $68.58.
Last month, Libya’s National Oil Company said its crude oil production had recovered to 1.3 million barrels per day following the resolution of the political dispute over the appointment of a new governor to the Libyan central bank. This came only after crude production at most Libyan oilfields had been suspended for over a month starting in late August.
At the end of September, the rival factions reached an agreement in UN-mediated talks over the election of the central bank’s leadership, paving the way to restoring oil production and exports.
The recent boost in production following the resumption of full-scale production in early October follows the country’s effort to stabilize operations after political disputes and field blockades disrupted output earlier this year. The temporary resolution of those issues has allowed Libya to steadily ramp up production by bringing its largest fields back to full operation.
But challenges remain.
Ongoing political tensions continue to threaten Libya’s oil industry with potential shutdowns. However, the return of major companies like Eni and BP offers hope for improving stability.
Meanwhile, this record-breaking output boosts Libya’s economy and signals that its oil sector is regaining strength, even amid broader market uncertainties.
