Libyan Oil Production Hikes in August

The National Oil Corporation has revealed that crude oil production in August exceeded 43 million barrels, an increase of approximately 1.55 million barrels compared to July's production of 41.713 million barrels.

The National Oil Corporation (NOC) clarified that the total crude oil available for export during August reached approximately 7 million barrels, while natural gas production reached approximately 77 billion cubic feet, compared to 75.31 billion cubic feet in July.

The data indicated the collection of approximately 2 billion dinars in royalties and taxes on concession contracts, in addition to the transfer of more than US$2 billion in oil revenues for August to the sovereign account at the Libyan Foreign Bank.