A 247,000-bpd oil production increase would achieve US$ 6 billion annually to enhance ability to meet FX demand, maintain strength of LD and achieve economic balance: CBL
Governor of the Central Bank of Libya (CBL), Naji Issa, held an extensive meeting today with the Chairman of the National Oil Corporation (NOC), Massoud Suleiman Moussa, in the presence of the Chairman of the Management Committee of the Libyan Foreign Bank and its General Manager, with the participation of several directors of departments at the CBL and NOC.
Supporting NOC efforts to increase production by 247,000
During the meeting, they discussed ways to support the efforts of the NOC to increase production by about 247,000 barrels per day, which would achieve additional revenues estimated at about US$ 6 billion annually, in order to enhance the ability of the CBL to meet the demand for foreign exchange, maintain the strength of the Libyan dinar, and achieve the desired economic balance.
It was also stressed the importance of continuing to hold bilateral meetings and meetings between the CBL and the NOC to increase coordination and to provide the necessary financial resources to implement planned projects through local and external financing channels, including the Libyan Foreign Bank and a number of international banks with the aim of enhancing the productive capacities of the oil sector.
The meeting also included a visual presentation by the NOC the plan to improve oil production in Libya for the years 2025 and 2026.
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