British agency Global Platts reported on Thursday that Libya’s oil production rose to its highest level at 1.23 million barrels per day, according to a Platts survey conducted by S&P Global Commodity Insights on June 10, despite escalating political tensions in the country.
According to the agency, the survey found that crude oil production in May increased by 30,000 barrels per day month-on-month, continuing a recovery from weeks-long closures of oil fields and ports in late 2024 due to a power struggle at the Central Bank, which had previously cut output by half.
The agency noted that this is the highest monthly total since May 2013, less than two years after the ousting of Muammar Gaddafi, which plunged OPEC-member Libya into chaos.
The British agency confirmed that Libya relies on the oil and gas sector for around 93% of government spending, according to analysts. However, oil fields, ports, and other infrastructure are under the control of rival political factions in the west and east and have been repeatedly targeted by political actors, protesters, and armed groups in recent years.
The agency added that the increase in production in May was reflected in Libya’s crude oil exports, which reached their highest level in years at 1.26 million barrels per day, according to data from S&P Global Commodities at Sea. Italy was the largest buyer of Libyan crude, followed by France, the United States, and China.
