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Libya produces 1.24 million barrels of oil per day

Residual Fuel Oil
Residual Fuel Oil

Libya’s state-owned National Oil Corporation (NOC) Monday said the country’s daily oil production has reached 1.24 million barrels.

“Crude oil production reached 1,240,000 barrels per day, and condensate production reached 50,000 barrels per day during the past 24 hours,” the firm said in a statement.

More than 3.6 million barrels of crude oil were produced in Libya in October, it said, adding that some 1 billion cubic meters of natural gas were produced during the same period.

Oil and gas are a major source of Libya’s revenue. However, the sector has suffered from armed conflict, oil fields and port closures over the past years.

In November last year, Minister of Gas and Oil Mohamed Aoun announced that Libya is seeking to increase oil production to 2.1 million barrels per day and natural gas production to about 4 million cubic feet per day over the next five years.

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