Libya’s NOC accused of inflating production data to avoid budget scrutiny

A source familiar with Libya’s oil sector has alleged that the National Oil Corporation (NOC) is publishing inflated production figures to evade accountability for the utilization of a 60 billion Libyan dinar budget allocated to increase oil output.

According to the source, OPEC’s monthly report, released on December 13, 2024, stated that Libya’s crude oil production from October 24 to November 24 averaged 1.238 million barrels per day, excluding condensates and other additions. This contrasts with the NOC’s claim of 1.4 million barrels per day, which includes condensates.

The source noted that actual production increases over the past two years amounted to just 20,000 barrels per day, despite significant budget allocations. The target of 1.3 million barrels per day for 2024 has not been achieved, and the source indicated it is unlikely to be met in 2025.

This discrepancy, according to the source, appears designed to obscure transparency around the spending of funds earmarked for increasing production capacity.

The NOC has not yet commented on the allegations. Libya, an OPEC member, relies heavily on oil revenues for its economy, making production figures and budget accountability critical for both domestic and international stakeholders.