Libya Looks To Boost Oil Production To 1.6 Million Bpd In 2022

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Posted – 28th July 2021

Libya could boost its oil production to 1.6 million barrels per day (bpd) by the middle of 2022 if the industry has the necessary funding, Libya’s Oil Minister Mohamed Oun told Italian news agency Agenzia Nova in an interview published this week.

Currently, the North African producer exempted from the OPEC+ cuts pumps around 1.2 million bpd. According to secondary sources in OPEC’s latest Monthly Oil Market Report, Libya’s crude oil production averaged 1.163 million bpd in June, up from 1.157 million bpd in May.

Since getting a unity government in March and a petroleum minister for the first time in five years, Libya has vowed it would raise its oil production, provided that the National Oil Corporation (NOC) receives the necessary funds.

Libya plans to raise its oil production to 1.45 million bpd by the end of this year, Mustafa Sanalla, the chairman of NOC, told Bloomberg Television in an interview earlier this year.

OILPRICE.COM – Tsvetana Paraskova 

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