Libya has earned $14 billion in oil revenues in 2017, which is tripling the 2016 $4.8 billion oil revenues and allowing to halve Libya’s budget deficit, the Central Bank of Libya announced, according to Hellenic Shipping News.
Libya’s budget deficit for 2017 recorded around $7.85 billion, down from $14.98 billion in 2016, Financial Tribune reports. Libya’s oil earnings exceeded 86% of Libya’s total national revenues of around $16.46 billion.
Libya’s oil sector, which is the main contributor to the country’s economy, declined in the wake of the 2011 uprising, which removed Muammar Gaddafi. Oil production decreased from 1.6 million barrels per day (mb/d) to less than 0.5 mb/d between 2014 and 2016 because of the violence taking place newa export terminals and production facilities.
Yet, analysts believe that restarting oil production and exports are vital for boosting Libya’s moribund economy and returning security to the country.