Libya’s National Oil Corporation (NOC) has announced on November 7 that its crude oil production has reached 1,036,035 million barrels per day (mmbbl/d), according to a press release.
This is a landmark production figure following an 8-month oil blockade that saw heavily diminished oil production.
The NOC thanked all those involved for their efforts despite the very difficult circumstances, particularly the current financial circumstances, that the sector is going through.
Due to the financial restraints and a huge shortage of its budgets, NOC has led to an accumulation of debts on the sector’s companies meaning a significant delay for the salaries of its service companies.
For reference, during the height of the blockade, Libya’s oil production fell to lows of 95,000 barrels per day (bbl/d), a far cry from the country’s average production pre-blockade of 1.2 mmbbl/d in 2019.