An increase in Brent crude prices is providing hope in Libya’s economic circles.

Prices currently stand at around $91 per barrel and have coincided with Libya’s oil production increasing.

Libya’s economy is heavily reliant on oil production, and this rise in global oil prices spells good news for the country’s foreign currency revenues.

Analysts predict that Libya will continue to experience economic growth in 2024, albeit at a slightly more modest level. Meanwhile, the World Bank in its Middle East and North Africa Economic Update is expecting the Libyan economy to grow by 4.8% in 2024.

Energy exports make up around 96% of total exports in Libya, underlining the critical role that oil production plays in the economy.

Opening up new exploratory fields in the oil and gas sectors is vital to increase production.

Economists will no doubt be encouraged by the discovery of an oil well made by the NOC’s subsidiary, Sirte Oil, earlier in April.

The discovery, made southeast of the Al-Lahib Field, has the potential to produce 646 barrels of oil per day (bpd)

The NOC has targets to ramp up oil production to 2 million bpd by 2027.

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