Libya's Oil Surge: AGOCO Hits Record Production Levels

Libya's Arabian Gulf Oil Co. (AGOCO) has achieved its highest production rates in years, reaching 304,000 barrels per day. Prior to this surge, production was estimated at between 260,000 and 270,000 barrels per day. This marks a significant development for the region's oil industry.

Libya's National Oil Corporation announced on Sunday that its subsidiary, Arabian Gulf Oil Co. (AGOCO), based in Benghazi, has achieved a remarkable production milestone. The company's output surged to 304,000 barrels per day within a 24-hour period.

According to AGOCO's separate statement, this production rate represents the highest it has reached in years, signaling a significant boost in their operational capacity.

Two oil engineers, speaking to Reuters, noted that AGOCO's production levels were previously estimated at between 260,000 to 270,000 barrels per day before hitting these new heights.

(With inputs from agencies.)