Middle east

Libya announces plans to increase oil production to 1.2 million barrels per day within two weeks

Libya’s National Oil Corporation (NOC) announced plans to increase oil production to 1.2 million barrels per day within two weeks. The press service of the National Oil Corporation published a message in this regard on its website.

To date, the NOC produces 860 thousand barrels per day, as of June 11, the production rate was 560 thousand barrels per day. 1.2 million barrels per day were produced in Libya in 2021. Then the work of two export terminals and an oil field was restricted due to the political turmoil in the country.

The National Oil Corporation announced last week the reopening of major export ports and fields. This became possible after agreements were reached with the demonstrators who worked to support the head of the transitional government, Fathi Bashaji, and repeatedly closed the country’s oil facilities.

Libya has the largest oil and gas reserves in Africa, which account for 95% of government revenue.

The head of the Libyan transitional government, Fathi Bashagha, announced, in the first half of May, the lifting of the blockade on ports and oil fields, which lasted nearly a month in the country. According to him, the demonstrators agreed to lift the blockade on all oil production and transportation facilities. The blockade has continued since mid-April due to political differences.

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