Libya Records Oil Revenue of $16 B in 9 Months

Libya Records Oil Revenue of $16 B in 9 Months

The Central Bank of Libya announced on Wednesday that the state’s revenues from oil stood at 22.7 billion Libyan dinars ($16.09 billion) from January till September 2019, citing Reuters.

Moreover, the total government spending for the same period reached 29.26 billion Libyan dinars, exceeding total revenues of 24.57 billion, the Tripoli-based central bank added.

Last month, the central bank said that Libya earned 20.2 billion Libyan dinars in oil revenue in the first eight months of the year.
It is noteworthy that Libya is divided between rival governments in Tripoli and the east, where there is a parallel central bank, making accurate national data hard to obtain.

However, the central bank in Tripoli has retained control over oil revenue, which is routed through the National Oil Corporation (NOC) and account for the vast majority of the country’s income.

Libya’s internationally recognized Tripoli-based Government of National Accord (GNA) said last week that it had allocated 1.5 billion Libyan dinars for NOC to maintain oil production in 2019-2020, according to a resolution shared with journalists.

Libya’s current oil production is around 1.3 million barrels per day (mmbl/d).


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