Libya’s oil production has risen to the highest daily level in more than a decade, just months after a political crisis slashed the country’s output.
Crude and condensate production hit 1.422 million barrels on Thursday, the National Oil Corp. said in a post on X. That exceeds the state oil-firm’s target by 22,000 barrels. It’s also the highest daily volume since 2013, according to the NOC.
The surge marks a stunning turnaround for Libya’s oil industry this year. In August, a feud between the country’s rival eastern and western governments halved output, stoking fears of a renewed war. The two sides resolved their dispute a month later. The North African country is now planning its first tender for energy exploration since the 2011 civil war that ousted leader Moammar Al Qaddafi.
Italy’s Eni Spa and BP Plc resumed drilling last month, ending a pause in place since 2014. Libya, home to the Africa’s largest oil reserves, in November boosted crude output to 1.14 million barrels a day, providing a sense of the nation’s oil rebound.
The ramp-up would help bring foreign currency into the country, after seesawing production in recent years — largely the result of unrest — limited revenues. Power struggles have compounded years of neglect in developing or revamping the oil infrastructure.
Still, the increase comes at a tricky time for the Organization of Petroleum Exporting Countries, of which Libya is a member. The producer group and its allies on Thursday delayed a revival of its production for three months, amid faltering demand in China and booming supplies from the Americas.
While Libya is exempt from the OPEC+ system of production caps, its production feeds into the group’s performance, adding to global supplies.