Libya Seeks $40 Billion to Boost Crude Output to 2 Million Barrels a Day

Libya, Africa's largest oil producer by reserves, is seeking up to $40 billion in investment to rebuild its oil sector and expand crude production. The country aims to increase output from 1.4 million barrels per day (bpd) to 2 million bpd by 2030.

The investment drive comes as Libya attempts to restore growth in an industry affected by years of political instability, underinvestment, and security challenges. With Africa's largest proven crude oil reserves estimated at about 48 billion barrels, Libya remains one of the continent's most important oil producers and has historically been a major supplier to international markets.

Libya is targeting higher production to meet growing demand from European refiners, which have traditionally bought Libyan oil due to its proximity to the Mediterranean and its production of light, low-sulphur crude. Major buyers of Libyan oil include Italy, Germany, Spain, France, Greece, and the Netherlands.