Libya Lifts Oil Output to 1.49 Million BPD, Nearing 1.5 Million Target
Updated
Updated · Business Insider Africa · Jun 23
Libya Lifts Oil Output to 1.49 Million BPD, Nearing 1.5 Million Target
3 articles · Updated · Business Insider Africa · Jun 23
Summary
1,487,723 barrels per day of crude and condensate pushed Libya’s oil production to its highest level since 2013, bringing the country within reach of its 1.5 million bpd goal.
National Oil Corporation efforts and the return of foreign energy companies helped drive the increase, after Libya awarded new exploration blocks in February for the first time since 2007.
Crude output accounted for 1,438,560 bpd and condensate 49,163 bpd, reinforcing Libya’s standing alongside Nigeria, Algeria and Angola among Africa’s biggest producers.
Libya’s 48 billion barrels of proven reserves—about 41% of Africa’s total—make the recovery significant for state revenue and for regional and global crude supply.
Political fragmentation and repeated disruptions still shadow the sector, even as NOC aims to raise output further before end-2026 and revive the 220,000-bpd Ras Lanuf refinery.
As Libya’s oil revenue hits a decade high, why are its citizens facing an unprecedented economic crisis?
Can Libya's first unified budget in 13 years truly stop its oil wealth from being weaponized by rival factions?
Libya’s Oil Output Surges Toward 2 Million Barrels per Day: Opportunities, Risks, and the Battle for Stability in 2026
Overview
Libya holds Africa’s largest proven oil reserves, making oil revenues crucial for its economy and state budget. However, years of internal conflict, including two civil wars, have caused major volatility and even collapse in oil production. Despite being exempt from OPEC quotas, Libya’s oil sector faces ongoing risks from political divisions, export blockades, and pipeline shut-ins. Recent efforts to rebuild the sector have attracted renewed international investment, but the country’s ability to turn oil wealth into lasting prosperity depends on achieving political stability and overcoming persistent security and governance challenges.