Can Libya Boost Oil Production To 2 Million Bpd.

Catogory : Market Report

Libya has the largest proven oil reserves in Africa with an estimated 47.1 billion barrels in reserves. The country has also been ranked 9th in the world In terms of existing oil reserves. Despite this, Nigeria is currently the leading producer of oil in Africa. While the security situation has improved somewhat since 2016.

The NOC has already expressed the intention of boosting Libya’s oil production to 2.2 million barrels per day by 2023. At the moment, it is unlikely that it can do so without the help of foreign oil companies.

Libya is producing around 1.2 million barrels of per day (bpd) of oil, with much of it being exported abroad, primarily to Europe LIBYA is now closing in on Saudi Arabia as the third-biggest source of seaborne supply to Europe after Iraq and Russia, the International Energy Agency said Thursday. Even as the U.S. is reviving its own oil industry and exporting, Libya managed to ship more crude to America in the fourth quarter than a year earlier while supplies from Saudi Arabia, Venezuela and Iraq declined.

Libya’s crude oil production has increased since August 2016. Libya plans to increase its oil production in 2018 despite supply cuts. Any increase in Libya’s crude oil production could pressure oil prices. However, unplanned supply outages in Libya could support oil prices.