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Libya Targeting 1.4mn bpd by End of 2024

OIL

Libya is currently producing oil at 1.3mn bpd and is targeting 1.4mn bpd by the end of the year according to the chairman of the National Oil Corporation Farhat Bengdara.

  • Libyan oil exports are likely to rise to 1.1mn bpd by the end of 2024 from 1mn bpd at present.
  • Bengadra said Libya does not face pressure to join OPEC+ cuts. It currently has an exemption from cut commitments but has maintained steady production ~1.2mn bpd for 2023.
  • Libya is planning a oil exploration licensing round in 2024 to help its ambitious production growth plans in the years ahead.

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