The National Oil Corporation (NOC) has closed 2024 on a high note, celebrating remarkable achievements amidst the extraordinary challenges faced by the country. Chief among these successes is the significant increase in oil production, which surpassed the corporation’s announced target for the year.
As of today, Tuesday, December 31, 2024, crude oil production recorded a surplus of over 17,000 barrels above the set daily target of 1.4 million barrels. The total crude oil output reached 1,417,382 barrels, while the combined production of crude oil and condensates rose to 1,469,446 barrels.
The Chairman and members of the NOC Board of Directors expressed their profound gratitude to those who were the driving force behind this achievement—the tireless workers on production platforms who labor day and night, as well as their colleagues in support and export operations.
This milestone underscores the resilience of Libya’s oil sector, a vital component of the national economy, and serves as a testament to the dedication of the NOC’s workforce.
Libya has been in chaos since a NATO-backed uprising toppled longtime leader Muammar Gaddafi in 2011. The county has for years been split between rival administrations.
Libya’s economy, heavily reliant on oil, has suffered due to the ongoing conflict. The instability has led to fluctuations in oil production and prices, impacting the global oil market and Libya’s economy.
The conflict has led to a significant humanitarian crisis in Libya, with thousands of people killed, and many more displaced. Migrants and refugees using Libya as a transit point to Europe have also faced dire conditions.
The planned elections for December 2021 were delayed due to disagreements over election laws and the eligibility of certain candidates. This delay has raised concerns about the feasibility of a peaceful political transition.
Despite the ceasefire, security remains a significant concern with sporadic fighting and the presence of mercenaries and foreign fighters. The unification of the military and the removal of foreign forces are crucial challenges.
