Libyan oil output has surged to its highest level in over a decade, reaching 1.422 million barrels per day (bpd). This recovery follows months of instability caused by a power struggle over Central Bank control, which had previously slashed production by half.
The National Oil Corporation (NOC) has also announced plans to open 22 onshore and offshore blocks for exploration through a public tender, although specific dates for presenting the blocks to international oil companies are yet to be disclosed.
This renewed stability in oil production reflects an apparent agreement between the rival factions led by Khalifa Haftar in Benghazi and Abdul Hamid Dbeibah in Tripoli. The deal appears to ensure a continuous flow of revenue benefiting both factions, amid allegations of both licit and illicit financial arrangements.
The rise in Libyan oil production is a significant milestone for the country’s economy, though its long-term stability remains uncertain given the underlying political tensions.
