Shriha: “Report from Global Monitoring Companies Clarifies Libya’s Actual Production for December 2024”

Engineer Masoud Shriha, in a statement to our source, referred to a report by the Energy Newspaper from the OPEC organization, which stated that Libya’s crude oil production for December was 1.29 million barrels per day. This contradicts the recent statement by the National Oil Corporation, which claimed production was around 1.4 million barrels per day, indicating an increase of about 60,000 barrels per day.

Shriha added that the report also revealed a decrease in Libya’s annual production when comparing 2023 and 2024, showing a drop of around 62,000 barrels per day. The average annual production for 2024 was recorded at 1.105 million barrels per day.

He also mentioned that OPEC reports are highly reliable in financial and business circles, especially within the oil sector, despite some countries being reluctant to share their data.

The report, Shriha explained, is compiled by a committee tasked with monitoring member countries’ adherence to their production quotas, which are set during meetings of OPEC+ ministers. The committee uses various sources, including customs and companies operating in these countries, comparing them with official figures. These reports are presented at OPEC+ meetings to pressure non-compliant countries to adhere to the agreements, in order to control oil prices and prevent their collapse.

He concluded by stating that Libya is not exempt from the production quota system and, despite claims of increased production by official bodies, it will be subject to the same production limits as other countries covered by the agreement that has been in place for over four years.