Is Libya Quietly Becoming the Biggest Oil Prize the West Can’t Afford to Ignore?

At around the same time as OPEC raised its long-term oil demand forecast for the third consecutive year — now expecting global consumption to rise 19 million barrels per day (bpd), or 18%, by 2050 — Libya's state-owned National Oil Corporation (NOC) announced that the country's oil production is now at the highest level in 13 years. Its current 1.487 million bpd crude output is just a whisker away from the NOC's short-term strategy of producing 1.5 million bpd of oil, which opens the way for the long-term strategic target of 2.1 million bpd to be achieved within the next three to five years. The reason underpinning OPEC's latest increase in long-term oil demand — governments increasingly prioritising energy security, rather than aggressively transitioning away from hydrocarbons — has also been key to the rise in foreign investment and oil developments in Libya, especially from Western firms. Since the onset of the Russian war in Ukraine on 24 February 2022, they have been busily sourcing new oil and gas supplies around the world to make up for those lost due to sanctions on Russia's energy exports. So, how realistic does Libya's long-term 2.1 million bpd oil output target look?

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Fuente original: Yahoo Finance (https://finance.yahoo.com/energy/articles/libya-quietly-becoming-biggest-oil-170000436.html)