Libya’s National Oil Corporation (NOC) plans to step up its output by 100,000 barrels per day in 2024, its chairman has said. The state oil company plans to boost production to 2 million bpd in the next three to five years, from about 1.2 million bpd currently. In 2021, oil revenue accounted for an estimated 98 per cent of Libya’s total government revenue, according to the country's central bank. Saudi Arabia, the world's largest oil exporter, has said it will keep its voluntary output cut of one million bpd until the end of March. In an interview with Bloomberg on Monday, the kingdom’s Energy Minister Prince Abdulaziz bin Salman said he expected Opec to bring about the crude oil production cuts.

Source: Libya Today December 05, 2023 14:51 UTC