• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 18 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 10 days Does Toyota Know Something That We Don’t?
  • 4 days America should go after China but it should be done in a wise way.
  • 10 days World could get rid of Putin and Russia but nobody is bold enough
  • 9 hours "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 12 days China is using Chinese Names of Cities on their Border with Russia.
  • 10 hours The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 2 days Even Shell Agrees with Climate Change!
  • 3 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 4 days How Far Have We Really Gotten With Alternative Energy
  • 12 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

Libya Looks To Boost Oil Production To 1.6 Million Bpd In 2022

Libya could boost its oil production to 1.6 million barrels per day (bpd) by the middle of 2022 if the industry has the necessary funding, Libya’s Oil Minister Mohamed Oun told Italian news agency Agenzia Nova in an interview published this week.

Currently, the North African producer exempted from the OPEC+ cuts pumps around 1.2 million bpd. According to secondary sources in OPEC’s latest Monthly Oil Market Report, Libya’s crude oil production averaged 1.163 million bpd in June, up from 1.157 million bpd in May.

Since getting a unity government in March and a petroleum minister for the first time in five years, Libya has vowed it would raise its oil production, provided that the National Oil Corporation (NOC) receives the necessary funds.

Libya plans to raise its oil production to 1.45 million bpd by the end of this year, Mustafa Sanalla, the chairman of NOC, told Bloomberg Television in an interview earlier this year.

Libya will be able to increase its current production by year’s end, provided that the state oil firm is not compromised again, according to Sanalla.

The targets for the next few years are for Libya to increase production to 1.6 million bpd in two years and to 2.1 million bpd in four years, NOC’s chairman told Bloomberg in March.

Libya surprised many oil market observers, and probably the OPEC+ group itself, after managing in just a few months to restore its oil production back to 1.25 million bpd from less than 100,000 in September 2020. The 1.25 million bpd level was the volume Libya was pumping before the eighth-month-long oil port blockade began in January 2020.

Even after the lifting of the blockade in mid-September and the ceasefire from October, Libya’s oil production has not been entirely stable so far this year due to strikes from the Petroleum Facilities Guard over unpaid salaries and the lack of funds for restoration and maintenance of oil infrastructure. 

By Tsvetana Paraskova for Oilprice.com

ADVERTISEMENT

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Mamdouh Salameh on July 27 2021 said:
    With global oil demand rising and Brent crude around $75 a barrel, it is the right time for Libya to raise its production from the current 1.2 million barrels a day (mbd) to the country’s level of production of 1.6 mbd before the civil war in 2011.

    Libya has the reserves and the technical ability to lift its production but it needs to be assured of two essential factors: continued stability in the country and funds to be able to maintain its oil infrastructure that has suffered from neglect during the years of strife.

    As for lifting production to 2 mbd, it will take at least until 2027 and will need the most sophisticated oil technologies and assistance from some oil supermajors.

    Dr Mamdouh G Salameh
    International Oil Economist
    Visiting Professor of Energy Economics at ESCP Europe Business School, London

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News