Libya’s oil production reaches highest level in over decade

Libya’s oil output has surged to approximately 1.43 million barrels per day, marking the highest level in more than ten years, according to Masoud Suleiman, Chairman of the National Oil Corporation (NOC).

Suleiman stated during a recent meeting that oil sales revenue for February surpassed 2 billion U.S. dollars and was fully transferred to the state treasury, a milestone not seen in years, Caliber.Az reports via foreign media.

He highlighted that domestic fuel supplies remain stable despite global uncertainties, and that maintenance on the Al-Sharara oilfield’s export pipeline has been completed, allowing production to return to normal levels.

The NOC chief emphasised that sustaining and further increasing oil output relies on the stability of the power grid and enhancements in production efficiency.

Libya’s oil and gas exports are the country’s primary source of revenue but have frequently faced disruptions due to political instability and conflict.

The Al-Sharara oilfield, the nation’s largest, is located roughly 900 km south of Tripoli and has a production capacity of over 300,000 barrels per day.

By Aghakazim Guliyev