Libya’s central bank governor Sadiq Al-Kabir said Libya needs to boost oil production to enact sweeping development plans and diversify an economy heavily reliant on energy exports. Output needs to be at least 1.4 million barrels per day “if we want to make a shift in Libya’s economy,” Sadiq Al-Kabir told Bloomberg from the capital, Tripoli. The North African nation is currently pumping about 1.2 million, which he described as not enough to cover hikes in government spending should crude prices fall below $70 a barrel. More oil income would allow Libya to “expand development and infrastructure projects, stimulate the private sector and diversify the economy and sources of income,” the governor said, without elaborating. Read more from Bloomberg.