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Libya reached the peak of 3.3 million barrels a day in 1970 and currently produces only about 1.7 million barrels of crude a day. How much oil does Libya produce? Crude Oil Production in Libya averaged 1317.61 BBL/D/1K from 1973 until 2020, reaching an all time high of 2370 BBL/D/1K in October of 1973 and a record low of 7 BBL/D/1K in August of 2011. However, in the current conditions when oil price hovered above break-even price (price at which it becomes … By May 2020, Libya’s crude oil production averaged 80,000 b/d, down from 1.2 million b/d at the end of 2019. This statistic shows Libya's oil production from 1998 to 2019. In 2019, the country produced around 1.23 million barrels of oil daily. On the contrary, it affects future production through decreased investment in exploration and development of new fields. The discrepancy between the amount of oil produced and/or imported and the amount consumed and/or exported is due to the omission of stock changes, refinery gains, and other complicating factors. This page provides the latest reported value for - Libya Crude Oil Production … Oil reserves in Libya are the largest in Africa and among the ten largest globally with 46.4 billion barrels (7.38 × 10 ^ 9 m 3) as of 2010.Oil production was 1.65 million barrels per day (262 × 10 ^ 3 m 3 /d) as of 2010, giving Libya 77 years of reserves at current production rates if no new reserves were to be found. CAIRO -- The oil crisis in Libya is deepening as a blockade of the country’s vital oil fields generated losses of more than $3 billion, the national oil … Crude Oil Production in Libya increased to 1108 BBL/D/1K in November from 453 BBL/D/1K in October of 2020. The maximum level was 2370 BBL/D/1K and minimum was 7 BBL/D/1K. Libyan Oil Reserves. In 2018, the consumption of petroleum products and crude oil in Libya was at 224.5 thousand barrels of oil equivalent, increasing compared to the previous year. Libya produced around 1.2 million bpd - over 1% of global production - before the blockade, which slashed the OPEC member's output to around 100,000 bpd. Libya's National Oil Company said it expected oil production to rise to 260,000 barrels per day (bpd) next week, as the OPEC member looks to revive its oil industry, crippled by a blockade since January. Slump of oil prices does not slow oil production immediately as it does with investment according to historical evidence. Data published Monthly by Organization of the Petroleum Exporting Countries. (Bloomberg) -- Libya boosted oil production to more than 1 million barrels a day, a milestone for the North African country after civil war all but shut its energy industry. Libya’s crude oil production fell during the first five months of 2020 after the January closure of five export terminals in eastern Libya and the pipelines connecting the El Sharara and El Feel oilfields to those terminals. According to official energy statistics from the US government (EIA), Libya holds the largest oil reserves in Africa, about 41.5 billion barrels as of January 2007; and the 8th largest in the world. LONDON/ZUEITINA, Libya, Oct 5 (Reuters) - Libyan oil production has risen by about 20,000 barrels per day (bpd) from last week to reach 290,000 bpd as exports ramp up, a Libyan oil source told Reuters on Monday on condition of anonymity. Crude Oil Production in Libya increased to 1224 BBL/D/1K in December 2020. The OPEC member, home to Africa’s largest crude reserves, ramped up production in the past six weeks amid a truce between rival military forces. See Also. Source: CIA World Factbook - This page was last updated on Friday, November 27, 2020. 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