Tripoli: The Central Bank of Libya (CBL) and the National Oil Corporation (NOC) held a discussion to explore mechanisms aimed at supporting increased daily oil production. During the meeting, CBL Governor Naji Issa and NOC Chairman Masoud Suleiman focused on reinforcing the corporation’s efforts to escalate production levels.

According to Libyan News Agency, the meeting was attended by key figures including the Chairman of the Management Committee of the Libyan Foreign Bank (LFB) and its General Manager, as well as several department directors from both the CBL and the NOC.

The discussions centered on strategies to boost daily oil production by approximately 247,000 barrels, which could potentially generate additional revenues of around $6 billion annually. This increase in production is expected to bolster the CBL’s capacity to satisfy foreign currency demands, sustain the strength of the Libyan dinar, and contribute to economic stability.

Participants emphasized the need for ongoing bilateral meetings to enhance coordination and secure necessary financial resources for planned projects. These projects are to be financed through local and external channels, including the LFB and various international banks, with the objective of improving the oil sector’s production capabilities.

The NOC also provided a visual presentation outlining its plan to enhance oil production in Libya for the years 2025 and 2026.