Libya records slight increase in oil production but decline in gas output

According to the latest figures from Libya’s National Oil Corporation (NOC), crude oil production saw a modest rise this week reaching 1,388,781 barrels. Condensate production was also up, reaching 55,693 barrels. However, natural gas production saw a small decline, falling to 2.465 billion cubic feet. The NOC has yet to explain the drop in natural gas production. Libya has the largest oil reserves in Africa and plays a pivotal role in the global energy market.