Wednesday, October 29, 2025
LibyaReview
  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion
No Result
View All Result
  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion
No Result
View All Result
LibyaReview
No Result
View All Result
Home Economy

Libya’s Daily Oil Output Surpasses 1.2 Million

August 8, 2022
Share on FacebookShare on Twitter

On Sunday, Libya’s Minister of Oil and Gas, Mohamed Aoun announced that the country’s crude oil production has surpassed 1.2 million barrels per day.

In press statements, Aoun said that this came after the government replaced the Chairman of the National Oil Corporation (NOC) on 12 July. A mutual understanding between officials, protesters, and tribal leaders sought to peacefully restart production and exports after months of stagnation following the implementation of a ‘force majeure’ in April.

Libya’s largest oil field, El Sharara with a 300,000 bpd capacity, restarted production at around 180,000 bpd.

The NOC’s new management announced the lifting of the force majeure on all oil terminals and fields, following nearly three months of shut-ins. Former NOC Chairman, Mustafa Sanalla was replaced by the ex-Central Bank of Libya (CBL) Governor, Farhat Bengdara on 14 July.

Prior to Sanalla’s ouster, the NOC stated on 30 June that exports had ranged from 365,000 bpd to 409,000 bpd. This was a result of the force majeure declares on loadings out of the Es Sider and Ras Lanuf terminals, as well as production at the El-Feel oil field, following the closures of the Brega and Zueitina terminals.

Crude production reached a two-year low of 650,000 bpd in June, according to the latest Platts survey of OPEC+ output by S&P Global Commodity Insights, against a capacity of 1.2 million b/d.

Libya has Africa’s largest oil reserves and hydrocarbons, which account for 95% of government revenues. This makes control of the industry a key point of contention between its rival parties.

Armed factions have also sought to control production and exports, sometimes attacking oil infrastructure, and devastating the economy.

Libya’s economic recovery, however, is gathering momentum, boosted by a large increase in hydrocarbon output in 2021, according to the African Development Bank. The economy is expected to expand by 3.5% this year and 4.4% in 2023. This will depend on the stabilization of the political situation, security improvements, and persistence of oil production.

Tags: libyaLibyan OilMohamed AounOil MinisterOil Output
Next Post

Libyan Politician Denounces 'Power-Mad' Officials

POPULAR CATEGORIES

  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion

MUST READ

Migration from Libya to Greece Surges by 318%

Libya & US Discuss Expanding Energy Cooperation

Libya’s Sirte Airport to Welcome 3 Million Travelers Yearly

IOM: Libya Hosts 867,000 Migrants with 19% Rise in 2025

Ministers Cleared In Italy Over Release Of Libyan War Crimes Suspect

Central Bank & Finance Ministry Discuss Libya’s 2026 Budget

EDITOR PICKS

EU Envoy Condemns Deadly Shipwreck Off Libyan Coast

Libya Strengthens Energy Sector With Sirte Methanol Plant Restart

Libya Unveils New Vision for Economic Growth

18 Migrants Drown Off Libya’s Coast

IOM: Libya Hosts 867,000 Migrants with 19% Rise in 2025

Libya’s Sirte Airport to Welcome 3 Million Travelers Yearly

  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion

© 2024 LR

No Result
View All Result
  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion

© 2024 LR