Libya's monthly production declined by about 10,000 barrels, and settled at 1.14 million barrels per day in January 2023, according to the monthly report issued by the Organization of the Petroleum Exporting Countries (OPEC).

The decline comes after the head of Libya's National Oil Corporation, Farhat Bengdara, announced the start of a strategic plan to increase oil production to two million barrels per day within three to five years.

The price of Libyan oil increased by 2.8% on a monthly basis to an average of $81, after it reached $100 in recent months.

In general, the total production of the 13 OPEC member states decreased to 28.8 million barrels per day in January, compared to 28.9 million barrels per day in December.

The OPEC+ alliance has reduced production by two million barrels per day, since November 2022. Libya is excluded from the production cut agreement.