Libya is turning to its oil sector as a key solution to revive its troubled economy, with plans to significantly increase daily production and boost national revenue.

The Central Bank of Libya (CBL) says raising oil output by 247,000 barrels per day could generate an extra $6 billion annually. Currently producing around 1.4 million barrels daily, the highest level in more than ten years — the country now targets 1.6 million barrels by the end of 2025 and 2 million barrels per day by 2027.

CBL Governor Naji Issa and National Oil Corporation (NOC) Chairman Massoud Suleiman Moussa have emphasized the need for greater collaboration between financial institutions, including the Libyan Foreign Bank and international partners, to support the plan.

Officials believe the increase in oil revenue will help restore foreign currency reserves, strengthen the Libyan dinar, control inflation, and make essential goods more affordable.

Libya, which is not bound by OPEC production limits due to its fragile political situation, remains an important player in the global oil market. Still, the road ahead is not without challenges — including securing oil infrastructure, maintaining output, and overcoming internal political disputes.

Despite the uncertainty, authorities remain hopeful that the oil production boost will lead to economic stability and better living standards for citizens.