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Libya could boost its oil production to 1.6 million barrels per day (bpd) by the middle of 2022 if the industry has the necessary funding, Libyas Oil Minister Mohamed Oun told Italian news agency Agenzia Nova in an interview published this week.

Currently, the North African producer exempted from the OPEC+ cuts pumps around 1.2 million bpd. According to secondary sources in OPECs latest Monthly Oil Market Report, Libyas crude oil production averaged 1.163 million bpd in June, up from 1.157 million bpd in May.

Since getting a unity government in March and a petroleum minister for the first time in five years, Libya has vowed it would raise its oil production, provided that the National Oil Corporation (NOC) receives the necessary funds.

Libya plans to raise its oil production to1.45 million bpdby the end of this year, Mustafa Sanalla, the chairman of NOC, toldBloomberg Televisionin an interview earlier this year.

Libya will be able to increase its current production by years end, provided that the state oil firm is not compromised again, according to Sanalla.

The targets for the next few years are for Libya to increase production to 1.6 million bpd in two years and to 2.1 million bpd in four years, NOCs chairman told Bloomberg in March.

Libya surprised many oil market observers, and probably the OPEC+ group itself, after managing in just a few months to restore its oil productionback to 1.25 million bpdfrom less than 100,000 in September 2020. The 1.25 million bpd level was the volume Libya was pumping before the eighth-month-long oil port blockade began in January 2020.

Even after the lifting of the blockade in mid-September and theceasefirefrom October, Libyas oil production has not been entirely stable so far this year due tostrikesfrom the Petroleum Facilities Guard over unpaid salaries and thelack of fundsfor restoration and maintenance of oil infrastructure.

By Tsvetana Paraskova for Oilprice.com

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Libya Looks To Boost Oil Production To 1.6 Million Bpd In 2022 - OilPrice.com