Libya needs investments worth up to $4bln to boost oil production

Oil-dependent Libya needs to invest between $3 billion to $4 billion in order to reach a production level of 1.6 million barrels per day, acting oil minister Khalifa Abdulsadek told Reuters.

In 2024, Libya was producing 1.4 million barrels per day, according to the National Oil Corporation.

Oil represents up to 98% of Libya’s income. The country plans to ramp up production to 2 million barrels per day by 2027, but insecurity remains a major obstacle.

Libya’s oil production was cut roughly in half when a blockade of major fields and ports began at the end of August. The instability caused disruptions in crude exports, with a notable 81% drop in September.

The ongoing political divisions and conflicts over the control of oil revenues have deterred investment and hindered the full recovery of the oil sector.