Libyan Oil Production Expected to Reach 1.8 Million

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The African Energy Chamber expected oil production in Libya to reach 1.8 million barrels per day (bpd) by 2024. It noted that production may reach less than one million bpd by the end of this year, in the worst case.

In a report, the chamber said that Libyan production fell from 1.2 million bpd to 100,000 bpd last spring, before rising again to 1.2 million again in August 2022.

The chamber explained that there are two scenarios for Libyan oil production in light of the conditions in the country:

The first scenario is the continuation of the cycles of unrest, with the average oil production reaching about 985,000 bpd for the remainder of 2022, and perhaps 1.15 million bpd in 2023.

The other optimistic scenario, in which Libya achieves long-term political stability, includes an increase in production to 1.8 million bpd by 2024.

The African Energy Chamber’s CEO, NJ Ayuk, hopes that Libyan production will exceed the optimistic scenario and exceed 1.8 million bpd in the future.

He pointed out that he hopes that the country will enjoy a long season of stability and that the Libyans will reap the social and economic benefits of stable oil revenues.