Libya’s National Oil Corporation (NOC) yesterday released its latest figures, painting a mixed picture of the country’s oil revenues.
In a statement released yesterday, NOC announced that Libya’s total revenue from oil sales amounted to about $2.4 billion in November, compared to $2.87 billion in October. This was due to a decline in production from 1.115 million barrels per day (bpd) in October to 1.104 million bpd in November, according to OPEC figures.
NOC also estimated that the country’s revenues of oil sales will reach around $24.2 billion in 2018, an increase of 76 per cent compared to 2017 figures.
Libya’s total oil revenues are driven by taxes and duties on exports, companies involved in production and transport and gas and condensate revenues. They are the main source of foreign exchange and financial liquidity for Libyan government.
According to International Monetary Fund (IMF) estimates, Libya’s losses due to the decline in oil production over the past four years were about $50 billion. Libya’s oil production declined below 300,000 bpd in 2013 as tensions in the country intensified, before the industry began to rise and stabilise again this year.