A report issued by the British Energy Institute declared that Libya ranks eighth among the oil producing countries in its region.
The institute stated in its 72nd report, entitled “The Statistical Review of Energy Around the World,” that Libya recorded a decrease in its production by about 181,000 barrels per day during the current year. According to the institute, the Middle East region topped the largest share of global oil production in 2022, at a rate of 32.7%, as Saudi Arabia ranked first, followed by Iraq, and then the UAE.
The institute added that oil production rose globally by 3.8 million barrels per day in 2022, with OPEC + accounting for more than 60% of that increase.
The National Oil Corporation (NOC) had announced earlier this year a plan to increase oil production to 2.1 million barrels per day by 2025.
Last March, members of the High Council for Energy Affairs approved the NOC plan for the period 2023-2027, within the framework of supporting the Corporation and launching alternative projects.
Source: Libyan News Agency