Libya is moving closer to its goal of producing 2 million barrels of oil per day by the start of the next decade after a US-backed agreement on a unified national budget unlocked fresh funding for the country's energy sector.
The budget allocates more than 13 billion Libyan dinars (about $2 billion) to the state-owned National Oil Corporation (NOC), providing a critical operating budget after the company received no funding in 2025, Bloomberg reported.
The agreement marks Libya's first unified budget since the country split into rival eastern and western governments in 2013, a development seen as a significant step toward political reconciliation. It also aligns with US President Donald Trump's push to reunify the OPEC member while expanding opportunities for American energy companies to access Africa's largest proven crude oil reserves.
The renewed focus on Libya comes as conflict in the Middle East continues to disrupt nearly a fifth of global oil and gas production, prompting international energy companies to seek new investment opportunities elsewhere.
Targeting higher oil output
