Libya's Oil Revival: Production Rebounds to Pre-Crisis Levels

Libya's National Oil Corporation (NOC) reports a significant recovery in oil production, reaching 1.22 million barrels per day, a level similar to before the central bank crisis. This marks a positive development for Libya's energy sector.

In a crucial development for Libya's energy sector, the National Oil Corporation (NOC) announced on Thursday that it has nearly restored its oil production to levels seen before the central bank crisis. Production has reached a substantial 1.22 million barrels per day (bpd), marking a return to stability.

The restoration comes as a relief to the NOC, which has faced various challenges in recent years, including political instability and economic turmoil triggered by the banking issues. The ability to ramp up production signals a resilience in Libya's oil industry.

This recovery is set to have far-reaching implications for Libya's economy, as the country heavily depends on oil revenues. The NOC's announcement highlights a new chapter of potential stability and growth in a sector crucial to the national economy.

(With inputs from agencies.)