Central Bank of Libya and National Oil Corporation Forge Strategic Alliance to Boost Oil Production by 247,000 Barrels Per Day

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In a pivotal meeting underscoring Libya’s push for economic revitalization, the Governor of the Central Bank of Libya (CBL), Naji Issa, convened with Massoud Suleiman Moussa, Chairman of the Board of Directors of the National Oil Corporation (NOC), to discuss comprehensive strategies aimed at significantly increasing national oil output.

The session was attended by key financial stakeholders, including the Chairman and General Manager of the Management Committee of the Libyan Foreign Bank, along with senior departmental officials from both the CBL and NOC. This high-level gathering emphasised the coordinated efforts required to drive oil sector expansion and secure sustainable economic growth.

A central topic of the discussions was NOC’s plan to raise oil production by an additional 247,000 barrels per day. This ambitious target is projected to generate approximately $6 billion in new annual revenue. Such an increase would not only bolster the national economy but also enhance the Central Bank’s capacity to supply foreign exchange, stabilise the Libyan dinar, and promote broader economic equilibrium.

Participants highlighted the critical need for ongoing collaboration between the CBL and the NOC. Regular bilateral engagements and inter-agency coordination were deemed essential to streamline project financing, both through domestic financial mechanisms and international banking partnerships, including the Libyan Foreign Bank. The aim is to secure sufficient funding for strategic oil sector projects that will significantly enhance Libya’s production infrastructure.

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Additionally, the NOC delivered a visual presentation outlining its oil production improvement roadmap for the years 2025 and 2026. This forward-looking plan includes technical, logistical, and financial strategies designed to expand output and modernise facilities in alignment with Libya’s long-term energy goals.

The meeting concluded with a strong mutual commitment to advancing Libya’s energy sector as a cornerstone of national economic development, reaffirming the collaborative role of the CBL and NOC in achieving shared national objectives.