Libya's National Oil Corporation (NOC) announced on Monday that the country's crude oil production is at 1.24 million barrels per day.

It added that condensate production is at 50,000 barrels per day, according to a statement.

This comes weeks after NOC Chairman Farhat Bengdara said Libya would be able to pump about 1.3 million barrels per day by the end of 2023.

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.