- Libya produced more than 43 million barrels of crude oil in August 2026, up 1.55 million barrels from July.
- State oil revenues exceeded $2 billion, while OMV discovered up to 45 million barrels of recoverable resources in the Sirte Basin.
Libya’s crude oil production exceeded 43 million barrels in August 2026, while state oil revenues surpassed $2 billion, according to the National Oil Corporation (NOC).
The August output increased by about 1.55 million barrels from July’s 41.713 million barrels. The increase reinforces the importance of oil production to Libya’s economy.
The NOC exported approximately 7 million barrels of crude oil during August. It also exported 77 billion cubic feet of natural gas. The exports generated significant revenue for the Libyan state. The NOC said it transferred more than $2 billion in August oil revenues to the sovereign account at the Libyan Foreign Bank.
The corporation also reported about 2 billion Libyan dinars in contractual taxes and royalties. These payments provide additional revenue for government finances. Oil remains central to Libya’s public finances. Hydrocarbon revenues account for more than 90% of government revenue, according to the Libya Observer.
Libya also holds Africa’s largest proven crude oil reserves. Its reserves stood at an estimated 48.4 billion barrels, according to figures cited by Business Insider Africa. The reserve base places Libya ahead of Nigeria and Algeria. Nigeria holds an estimated 36.9 billion barrels, while Algeria has about 12.2 billion barrels.
The latest production figures come alongside new exploration activity in Libya’s oil sector. Austrian energy company OMV has discovered a commercially viable oil well at the Essar site in the Sirte Basin.
The discovery contains estimated recoverable resources of up to 45 million barrels. OMV holds a 12% stake in the C103 concession.
Libya’s Zueitina Oil Company will manage development of the discovery locally. The field’s proximity to existing infrastructure could help reduce the requirements for new production facilities. The discovery could therefore add to Libya’s production base if development proceeds. It also highlights continued international investment in the country’s upstream oil sector.
Libya continues to rely heavily on hydrocarbons despite operational and security challenges that have affected the sector since 2011. Rising production and new discoveries could strengthen the country’s export capacity and government revenues.