Libya's National Oil Corporation (NOC) announced on Monday that crude oil production is at 1.218 million barrels per day, an increase of 12,000 barrels over the previous 3-day period.

It added that condensate production is at 53,000 barrels per day, according to a statement.

This comes a week after NOC Chairman Farhat Bengdara said Libya would be able to pump about 1.3 million barrels per day by the end of this year.

He added that investments of $17 billion in 45 projects would allow the corporation to raise production to two million barrels per day within five years.