Libya’s National Oil Corporation plans to increase production by 600,000 bpd within six years, backed by a $2 billion budget lifeline.
Libya’s National Oil Corporation aims to raise oil production to 2 million barrels per day by the early 2030s, up from 1.4 million bpd currently. The state-owned firm secured a $2 billion operating budget for 2026 under a U.S.-brokered deal, addressing funding gaps after receiving no allocation in 2025.
The push follows years of underinvestment and political instability, which constrained output. Libya’s last sustained production above 1.5 million bpd was in 2012. The NOC’s chairman cited the unified budget as critical for infrastructure upgrades and exploration.
No immediate market reaction was reported, but the target could ease supply concerns if achieved, potentially influencing global oil prices.