The Undersecretary of the Ministry of Economy and Trade in the unity government headed by Abdul Hamid Al-Dabaiba stated that Libya aims to raise its oil production to 1.6 million barrels per day before the end of 2024, and current production levels have exceeded 1.2 million barrels per day, while the target is to reach two million barrels in the future. .

The OPEC report – which was issued last March – indicated an increase in the production of Libya, which is a member of the organization, by about 144 thousand barrels per day. Libya is facing a state of political instability that is affecting its oil production. At the beginning of last January, Libya declared a state of force majeure at the Sharara oil field, in light of its closure by protesters due to political demands for it to return and resume production after two weeks.

Two governments are competing for power, the first is called the unity government headed by Abdel Hamid Al-Dabaiba and the second government is headed by Ahmed Hammad and is considered appointed by Parliament. Libya’s economy takes on a rentier nature that depends mainly on oil production. Thus, it benefited from the return to regularity in oil prices after Corona.

The stability of energy markets supported the growth of the Libyan economy, and oil prices witnessed a state of price fluctuations due to geopolitical tensions, as the price of Brent crude rose to about $91 per barrel after a decline on Monday, with Israel pledging to respond to an unprecedented attack by Iran, which led to escalation of tensions in Middle East region.