OYAK becomes key buyer of Libyan crude oil

OYAK has significantly increased its purchases of Libyan crude oil, reaching approximately 6 million barrels per month since January. According to OPEC data, this volume represents about 16 percent of Libya’s total oil exports.

The oil is supplied to TPIC, a unit of Turkish Petroleum (TPAO) established for international projects, by Libya’s National Oil Corporation (NOC). OYAK then purchases the crude from TPIC. This commercial activity follows discussions between Turkish Energy Minister Alparslan Bayraktar and Libyan Prime Minister Abdulhamid Dibeybe regarding hydrocarbon exploration, production, and trade.

Separately, Libya’s National Oil Corporation reported that total crude oil production reached 43.47 million barrels in October, with 30.04 million barrels exported. The NOC stated that 3.12 billion dollars in oil revenues were transferred to the sovereign account at the Libyan Foreign Bank during the month.