Libya Hits Record Oil Output of 1.59mbpd Amid Political Stability

Libya’s National Oil Corporation (NOC) has announced a new production record, reporting daily output of 1,386,030 barrels of crude oil and condensate, alongside 203,017 barrels of oil equivalent (boe) from gas.

This brings the country’s total production to 1,589,047 barrels per day, marking a significant achievement for the oil-rich nation.

The announcement coincides with stable global oil prices, with Brent crude trading at $73.04 per barrel and the US benchmark, WTI, at $68.58 per barrel.

Last month, the NOC revealed that crude oil production had rebounded to 1.3 million barrels per day after resolving a political dispute over appointing a new central bank governor. This recovery followed a month-long suspension of production at most Libyan oilfields, which began in late August.

By the end of September, opposing factions reached an agreement through UN-mediated talks concerning the central bank’s leadership, paving the way for the resumption of oil production and exports.

Following the full-scale resumption of operations in early October, the recent surge in output reflects Libya’s efforts to stabilise production after earlier disruptions caused by political conflicts and field blockades. With these issues temporarily resolved, the country has steadily increased output by bringing its largest oilfields back online.

However, challenges persist.

Libya’s oil sector remains vulnerable to shutdowns due to ongoing political tensions. Nonetheless, the return of major players such as Eni and BP offers hope for improved stability in the industry.

For now, this record-breaking production is a significant boost for Libya’s economy and indicates that its oil sector is regaining momentum, despite uncertainties in the wider market.