Monday, September 15, 2025
LibyaReview
  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion
No Result
View All Result
  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion
No Result
View All Result
LibyaReview
No Result
View All Result
Home Libya

Libya’s Audit Bureau: Oil Revenues to Drop to $6 Billion in 2020 amid Oil Facilities Closure

May 2, 2020
Share on FacebookShare on Twitter

On Saturday, the Audit Bureau announeced that oil revenue losses could reach $6 billion at the end of 2020 if oil facilities continue to be closed, compared to revenues of $31 billion in 2019.

The Bureau expected that the continued closure of oil facilities would lead to a deterioration of the dinar exchange rate against the dollar in the parallel market. The dollar may rise 100 percent against the Libyan dinar, as it is likely to rise from 3.6 dinars to 6.3 dinars by the end of the year.

Libya’s Audit Bureau also indicated that the continued closure of ports will affect the central bank’s foreign exchange reserves, which was estimated to drop from 63 billion dollars to 50 billion dollars during the same period, adding that some oil wells may be permanently lost.

The vast majority of NOC facilities have been closed since January 17, 2020. Global oil prices have also crashed as the coronavirus pandemic hits demand, with no prospect of a quick recovery in sight.

The blockade comes amid continued fighting between Field Marshal Khalifa Haftar’s Libyan National Army, loyal to the eastern-based Interim Government, and forces loyal to the Government of National Accord in Tripoli.

Tags: Audit BureaulibyaoilOil closure
Next Post

WHO: Libya still Vulnerable to Spread of Coronavirus

POPULAR CATEGORIES

  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion

MUST READ

Khaled Haftar Highlights Libya-Egypt Military Cooperation

Libya & Turkey Strengthen Energy Cooperation

Libya Reasserts Sovereign Maritime Rights in Mediterranean

US Bans Libyan Citizens from Entering Country

Libyan Police Arrest Illegal Migrants in Benghazi

Chad Condemns Criminal Activity Along Borders with Libya

EDITOR PICKS

Libyan Officials Discuss Solutions to Libya’s Electricity Shortages

UNSMIL Panel Explores Journalism in Political Process

NOC Discusses Support for Power Generation Plants in Libya

US Sees Stability & Reform as Path to Investment in Libya

Libya Boosts Oilfield Operations through Partnership with SLB

Chad Condemns Criminal Activity Along Borders with Libya

  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion

© 2024 LR

No Result
View All Result
  • Home
  • Libya
  • Economy
  • Sport
  • Politics
  • Entertainment
  • Opinion

© 2024 LR