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Is Libya Quietly Becoming the Biggest Oil Prize the West Can’t Afford to Ignore?
At around the same time as OPEC raised its long-term oil demand forecast for the third consecutive year — now expecting global consumption to rise 19 million barrels per day (bpd), or 18%, by 2050 — Libya’s state-owned National Oil…
AI Summary
Libya’s National Oil Corporation announced that the country’s crude output has reached 1.487 million barrels per day, the highest level in 13 years. This output is close to the NOC’s short‑term goal of 1.5 million barrels per day and supports a long‑term target of 2.1 million barrels per day within three to five years. The increase comes as OPEC raised its long‑term demand forecast, projecting global consumption to rise 18 % by 2050. OPEC’s forecast reflects governments prioritising energy security over rapid hydrocarbon phase‑outs, which has attracted more foreign investment and development projects in Libya, especially from Western firms.
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