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🛒 تسوق الآنLibya Hits Record Oil Output and Approves First Unified Budget in 13 Years
Libya Hits Record Oil Output and Approves First Unified Budget in 13 Years
Libya has reached a historic milestone, achieving its highest oil production in over a decade while simultaneously approving its first unified national budget since 2013. The North African nation pumped 1.43 million barrels per day this month, and on April 11, rival eastern and western governments agreed on a consolidated spending plan of 190 billion Libyan dinars ($29.95 billion). These twin breakthroughs position Libya as a rare bright spot in a Middle East grappling with the economic fallout of the Iran war.
Record Production and a Landmark Budget
Libya's output of 1.43 million bpd marks a dramatic recovery from the chronic disruptions that have plagued its energy sector since the 2011 fall of Muammar Qaddafi. The National Oil Corporation (NOC) transferred $1 billion in February oil revenues directly to the public treasury for the first time in years, signaling improved fiscal discipline. The unified budget allocates 12 billion dinars specifically to the NOC to support hydrocarbon production, investment, and refined fuel purchases.
The IMF raised Libya's 2026 growth forecast by 2.5 percentage points to 6.7 per cent — one of the few upward revisions in its entire regional outlook. The Libyan dinar strengthened to under 7 per US dollar from a decade low of 9, which S&P Global Market Intelligence analysts say "should contain Libya's inflation, improve purchasing power, and support domestic economic activity."
Geopolitical Advantage and International Backing
With the Strait of Hormuz effectively closed since early last month, Libya's Mediterranean-based export terminals have become a strategic asset for European refiners seeking light-sweet crude outside the crisis zone. "That geographic separation, which was historically just a structural footnote, has now become a strategic advantage transforming into a genuine premium differentiator overnight," said Fiza Jan, a Rystad Energy senior analyst. Libya also operates under a long-standing OPEC quota exemption, freeing it to increase output without a production ceiling.
A joint statement by the UAE, US, Egypt, France, Germany, Italy, Qatar, Saudi Arabia, Turkey, and the UK praised the budget as "a critical step to increase economic co-ordination between western and eastern Libyan leaders." Hazel Seftor of Wood Mackenzie called Libya "a valuable non-Hormuz supplier of light-sweet crude during Gulf disruptions," noting that Egypt is already seeking to import at least one million barrels per month of Libyan oil.
Challenges Ahead and the Road to 2 Million Barrels
Libya has set an ambitious target of 2 million bpd by 2030, backed by a $25-year, $20 billion agreement with TotalEnergies and ConocoPhillips to extend the Waha concessions to 2050, adding 100,000 barrels of oil equivalent per day. The country also awarded exploration blocks to Chevron, Eni, QatarEnergy, and Repsol in February — its first bidding round since 2007 — and restarted production at the Mabruk oilfield after more than a decade offline.
However, ageing infrastructure remains the key vulnerability. Oil and gas account for nearly 95 per cent of exports and government revenue, with no diversification strategy in place. Sustained investment across the entire value chain — from pipelines to refineries — will be essential to maintain momentum. If Libya can sustain political unity and attract continued foreign investment, this moment could mark the beginning of a genuine economic transformation for a nation long defined by division.
