Libya Aims to Boost Oil Production to 2 Million Bpd by Early 2030s

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Libya's National Oil Corporation is optimistic about increasing the country's oil production from about 1.4 million barrels per day to 2 million bpd by the early 2030s. The unified budget for 2026, supported by the United States, allocates over $2 billion as operating budget for NOC, although no funding was provided for 2025.

Libya's National Oil Corporation (NOC) is confident the country could raise oil production to 2 million barrels per day (bpd) by early next decade from about 1.4 million bpd now, NOC chairman Masoud Suleman told Bloomberg in an interview published on Friday. A 2026 unified budget for Libya, brokered with the help of the United States, gives the NOC a “lifeline” of more than $2 billion (13 billion Libyan dinars) as an operating budget, the official told Bloomberg. The national oil company did not receive any funding in the 2025 budget.…