Libya’s Crude Output Hits 1.487M bpd, Targets 2.1M bpd
E•Libya’s NOC output rose to 1.487 million bpd, nearing its 1.5 million bpd goal and supporting long-term plans to reach 2.1 million bpd within five years. Persisting blockades and revenue disputes, despite a LYD190 billion budget and LYD12 billion ring-fence for NOC operations, highlight ongoing risks for Western oil investors.
1. Libya's Production Ramp-Up
Libya’s National Oil Corporation has increased crude output to 1.487 million barrels per day, just below its 1.5 million bpd short-term target. The NOC plans to boost capacity to 2.1 million bpd over the next three to five years by focusing on major fields like Waha, Sharara and North Gialo.
2. State Budget and NOC Funding
Rival factions approved a LYD190 billion national budget for 2026, explicitly allocating LYD12 billion as a ring-fenced operational budget for the NOC. This funding aims to ensure uninterrupted production and infrastructure maintenance despite ongoing political disputes.
3. Political Blockades and Investment Risks
Recurring blockades in 2020 and mid-2022, driven by unresolved revenue-sharing agreements and stalled technical committee measures, have repeatedly halted exports. These disruptions underscore geopolitical risks that could deter Western oil majors from deepening investments in Libyan upstream projects.
