A rival government in the east, the Government of National Stability, controls around three-quarters of the country’s oil production capacity. NOC estimates that Libya will need about US$4 billion of investment a year to improve infrastructure and build oil production to 2 million b/d. However, even in our high case we do not expect NOC’s target of 2 million b/d to be achieved. The spectre of oil production shut-ins continues to hang over Libya. And alongside outages from ageing infrastructure, investment will remain too low to achieve significant increases in the short to medium term.

Source: Libya Today November 07, 2023 22:36 UTC