Higher Libyan Oil Output Could Risk OPEC Quota Exemption

Libyan crude production reached 1.24mbpd on 19 November, the highest level since at least August 2022, NOC data showed, raising the question whether Libya’s higher output could be brought up at the next OPEC+ meeting on Sunday.

• Libya produced 1.17mbpd October according to Argus estimates and 1.19mbpd according to its official submission to OPEC.
• Libya, Iran and Venezuela are not bound by OPEC+ production limits because of internal conflict and sanctions.
• Libya has previously stated it should be exempt until it can restore output closer to around 1.6mbpd – pre-2011 levels.
• Libya's oil minister Mohamed Oun told Argus in June that Libya still had room to increase production and that it needed to make up for lost oil revenues over the past few years. "I believe OPEC appreciates the prevailing circumstances for the last few years in Libya," he said.
• NOC aims to boost its production capacity to 2mn b/d within three-five years through a $16.9bn spending plan according to Argus Media.