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Libya’s oil sales up 5.9% in September

November 15, 2018 at 12:42 pm

Oil field in Libya, 7 September 2017 [Javier Blas/Wikipedia]

Libya’s exports of crude oil, natural gas and compensates rose 5.9 per cent in September compared to the previous month, according to the government-owned National Oil Corporation.

The company added that revenues gained selling crude oil, natural gas and condensates have reached $1.66 billion, compared to the $1.567 billion it made in August this year.

Revenues of crude oil exports constitute the main source of foreign currency for Libya, in addition to their being the primary source of liquidity for the Libyan government.

The decline in oil production in Libya in the past four years resulted in $50 billion in losses, according to IMF estimates.

Libya’s production declined in 2013 to less than 300,000 barrels as a result of the dwindling security situation and escalating internal tensions.

Read: Tribe of slain Libya rebel commander protests at eastern oil port