Libya has played a pivotal role in boosting oil production within the Organisation of the Petroleum Exporting Countries (OPEC), marking a second consecutive month of growth.
According to Bloomberg data, OPEC’s total crude output reached an average of 27.02 million barrels per day (bpd) in November, an increase of 120,000 bpd compared to October.
This recovery has been largely attributed to Libya’s continued production rebound after overcoming recent political turmoil.
The country’s oil production surged to 1.37 million bpd in November, alongside a rise in natural gas output to 194,914 barrels of oil equivalent per day.
As of today, Libya’s crude oil and condensate production exceeded 1.4 million bpd, the highest level recorded since 2013.
The latest figures indicate daily crude and condensate production at 1,403,680 barrels, representing an increase of 22,262 barrels compared to the previous day. Additionally, natural gas production stood at 196,759 barrels of oil equivalent, bringing the total daily output to 1,600,439 barrels.
Libya’s production surge has offset declines in OPEC’s second-largest producer, Iraq, which reduced its output for the third consecutive month to comply with the group’s agreed production targets. These increases in Libyan output are attributed to the relentless efforts of the National Oil Corporation (NOC) and its subsidiaries.
The NOC credited this milestone to the dedication of workers in the country’s oilfields and ports, who continue to operate tirelessly to elevate production levels. This achievement underscores the sector’s vital role in stabilising Libya’s economy and reinforcing its position within OPEC.
Libya’s robust performance signals a potential economic revival while contributing significantly to OPEC’s overall production stability, making it a key player in the global energy market.
