Libya: Modest increase in oil and condensate production

Libya’s crude oil production saw a slight rise on Monday March 31, reaching 1,388,781 barrels, up from 1,386,889 barrels recorded the previous day, according to the latest figures from the National Oil Corporation (NOC).

Along with the increase in crude oil, condensate production also climbed, reaching 55,693 barrels, an improvement from 53,648 barrels on Sunday. However, natural gas production saw a small decrease, falling to 2.465 billion cubic feet from 2.480 billion cubic feet.

Despite the country’s ongoing political challenges, Libya continues to play a pivotal role in the global energy market, with its oil reserves being the largest in Africa. The NOC has been working to maintain stable production levels, and the recent uptick in crude and condensate output signals positive momentum for the sector. These fluctuations are closely monitored, as oil and gas remain key drivers of the Libyan economy, with any significant changes in production potentially affecting both domestic and international markets.

While the increase in oil production is seen as a step in the right direction, the decline in gas output remains a concern. The NOC has yet to provide specific reasons for the drop in natural gas production, though the situation will likely be closely observed, as the energy sector’s stability is vital for Libya’s economic future. With efforts focused on improving production capacity, Libya aims to strengthen its position within the global energy landscape.