Libya’s National Oil Corporation (NOC) says its plan to increase crude production to 2 million barrels per day by early 2031 remains on track after a US-brokered unified national budget unlocked funding. NOC said the country’s first combined budget since its 2013 political split gives the corporation over $2 billion in operating funds, ending years of financing delays. Current output stands at about 1.4 million barrels per day, the highest in a decade, with plans to restart fields that were shuttered by years of internal conflict. The NOC is seeking $16 billion in outside investment to complement its own $20 billion commitment toward reaching the 2 million barrel target. A newly secured $1 billion loan will fund projects aimed at lifting production above 1.5 million barrels per day by mid-2027, with a second tranche available once that milestone is reached.