Libya’s National Oil Corporation (NOC) announced on Wednesday that crude oil production has reached 1.203 million barrels per day.
According to a statement released by the NOC, condensate production also reached 50,000 barrels per day over the past 24 hours.
The recent recovery in the oil market has been attributed to Libya’s stable oil production, drawing praise from the Energy Capital & Power platform.
During the first half of 2023, Libya’s total oil revenue amounted to 33.4 billion dinars (approximately $6.95 billion dollars), a decrease from 37.3 billion dinars during the same period last year.
Previous data from the Central Bank of Libya (CBL) indicates that Libyan oil revenues increased to 105.5 billion Libyan dinars ($22.03 billion) in the previous year, compared to 103.4 billion dinars in 2021.
Libya, which possesses the largest oil reserves in Africa, heavily relies on its energy exports for revenue.
Notably, the NOC confirmed that the crude oil sales revenue deposited in the Libyan Foreign Bank (LFB) amounted to a substantial $4.681 billion dollars.
It added that oil products’ sales amounted to $196 million dollars, with gas and condensates contributing a further $121.905 million, while petrochemicals accounted for revenues of approximately $1.938 million during the same period.
Taken together, the NOC’s total revenue for this quarter impressively surpassed the $5 billion benchmark, culminating at $5.00146 billion. This data highlights the central role that the energy sector continues to play in bolstering Libya’s national economy, even as global oil markets navigate unpredictable shifts.
Libya boasts Africa’s largest proven oil reserves. With its close proximity to European markets, it has historically been a crucial supplier to this region. Oil exploration in Libya began in the 1950’s, and by 1970, it was producing over 3 million barrels per day. The nation’s wealth and economy have been tightly tied to the oil sector, which provides nearly all the government’s revenues and export earnings.
The country’s oil industry, however, has faced numerous challenges over the years. From international sanctions in the 2000’s to internal strife and civil conflict post-2011, these interruptions have caused significant fluctuations in oil production and export levels. Different factions vying for control led to periods of blocked exports and lowered production.