Libya Unlocks $2B for Oil Production as US-Backed Budget Boosts Output

Libya is one step closer to its goal of producing 2 million barrels of oil per day by 2031, thanks to a US-backed agreement on a unified national budget.

The budget allocates over $2 billion to the state-owned National Oil Corporation (NOC), providing critical operating funds after the company received no funding in 2025, according to Bloomberg.

The agreement marks Libya's first unified budget since the country split into rival governments in 2013, a development seen as a significant step towards political reconciliation.