# Libya Energy Profile — Complete Reference

**URL:** https://thecodex.expert/energy/countries/libya/
**Session:** 43 | **Date:** 2026-07-09

## Summary

Libya holds ~48.4 billion barrels proven oil reserves, largest in Africa, was continent's 3rd-largest producer (mid-2020s). Oil/gas = ~90-93% government revenue, ~60-70% GDP. Pre-2011 production ~1.6-1.7M bbl/day; collapsed below 400,000 bbl/day three times since (2011 civil war, 2014-16 militia shutdowns, 2020 Haftar's failed Tripoli offensive). 2020 ceasefire recovery to ~1.2M bbl/day (2021-2023). August 2024: Central Bank dispute between rival authorities triggered blockades, production fell below 600,000 bbl/day; resolved 3 October 2024 with interim central bank governor, NOC lifted force majeure. 2025: production reached ~1.37-1.4M bbl/day (10-year high), oil revenue ~$22bn (+18% YoY). January 2026: NOC chairman revealed corporation operated without approved government budget throughout 2025 — described by analysts as deliberate political leverage tool, not technical problem. Domestic refining capacity only ~300,000 bbl/day (2025), forcing ~$9bn refined fuel imports (2024); fuel/electricity subsidies ~35% GDP (2024, IMF), fueling ~$5bn/yr smuggling (UN, Dec 2024). Barter system for crude-to-fuel (2021-March 2025) left $1bn+ unpaid debts. Italy is largest customer (~26% of exports). Sources: Anadolu Agency, globalEDGE, Eurasia Review, Middle East Institute, Libya Economic Review, Columbia CGEP, US EIA, Washington Institute.