Libya’s state-run National Oil Corporation (NOC) announced that its September revenues dropped by 11% to $1.8 billion from the previous month, Zawya reported.
“Our strategy to increase production and storage capacity is primarily to contribute to the stability of the oil market,” NOC chief Mustafa Sanallah said.
The revenues were still 9% higher year-on-year (YoY), as they came from sales of natural gas, crude oil, oil derivatives, and taxes and royalties from concession contracts.
According to Sanallah, a new oil tank at Ras Lanuf port that opened in September had “increased the port’s storage capacity by around 500,000 barrels of oil.”
The NOC stated that another reason behind the decline in revenues was due to an increase in crude shipments by the end of September.