Libya Sets New Oil Production Record

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Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

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By Julianne Geiger – Nov 29, 2024, 2:30 PM CST

Libya’s National Oil Corporation (NOC) said it has hit a new production high, pumping 1,386,030 barrels of crude oil and condensate daily, along with 203,017 barrels of gas equivalent (boe). That brings Libya’s total production to 1,589,047 barrels per day—a major 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. 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.

The country’s oil industry is still at risk of shutdowns due to ongoing political tensions. But with major companies like Eni and BP returning to Libya, there’s 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.

By Julianne Geiger for Oilprice.com

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