Libya raises oil production to the highest level since 2013 | economy

⁠⁠ Chairman of the Board of Directors of the National Oil Corporation in Libya, Masoud Suleiman, said today, Sunday, that crude oil production reached ‌‌1.44 million barrels per day, which is the highest level since 2013.

The Corporation stated that it has thus come close to achieving its strategy that it announced earlier, which aims to produce 1.5 million barrels per day of crude oil.

Masoud Suleiman stressed “to move forward at the same pace and with the same determination, to reach the required rate before the end of the current year 2026, in order to support the Libyan economy and achieve the renaissance that all the Libyan people aspire to.”

Last Wednesday, the corporation said that the Sirte Oil and Gas Manufacturing Company succeeded in drilling a development well in the company’s (Al-Khair) field, with a production rate of 3,209 barrels per day and a production rate of approximately 2 million cubic feet of associated gas per day.

As announced Last Monday, Masoud Suleiman announced that the corporation signed agreements to share production with a number of “leading” international companies after the first round of granting licenses in the country in nearly 20 years.

He said that this step reflects the growing confidence in the Libyan oil and gas sector. The Libyan economy depends heavily on oil revenues.

According to Masoud Suleiman, Libya has gas reserves amounting to 80 trillion cubic feet, distributed between conventional and unconventional sources.