On Monday, the Central Bank of Libya (CBL) announced that Libya’s total oil revenues rose to 19.1 billion Libyan dinars from January to April 2023.
In its monthly report, the CBL revealed that the country’s total revenues recorded 31.9 billion dinars, over the last four months. State expenditures amounted to 24.9 billion dinars in 2023.
The Central Bank added that oil royalties amounted to LYD 1.7 billion. LYD 279 million dinars were from tax revenues, and LYD 59 million from customs, in addition to other revenues amounting to LYD 229 million.
The CBL noted that foreign currency exchange revenues over the last four months amounted to $15.05 billion dollars.
In recent months, Libya’s oil sector has stabilized, and production has risen to 1.2 million barrels per day. The Minister of Oil and Gas, Mohamed Aoun expressed his hopes that “oil production will return to 2010 levels within two or three years.”
In the fourth quarter of 2022, a report by the International Monetary Fund stated that Libya will be the fastest-growing Arab economy in 2023. It is set to have a growth rate of 17.9%, compared to 3.9% for Arab states.
Libya’s total oil revenues rose to 105.5 billion Libyan dinars ($22.01 billion) in 2022, compared to 103.4 billion dinars ($21.5 billion) in 2021, the Central Bank of Libya (CBL) announced earlier this month.
Notably, the Chairman of Libya’s National Oil Corporation (NOC), Farhat Bengdara, said in March that the Corporation is seeking to maintain the level of production and raise it to 2 million barrels within 3-5 years.
Bengdara said that the NOC’s debts amounted to $1.5 billion dollars. He explained that revenues are paid to suppliers for gasoline and diesel, in order to supply power stations and petrol stations.
In January, Italy’s state-run energy company ENI signed an $8 billion deal with Libya’s National Oil Corporation to develop two Libyan offshore gas fields as European nations seek to cut their dependence on Russian energy.
According to Reuters, the deal, signed during a visit to Tripoli by Italy’s Prime Minister, Giorgia Meloni, aims to increase gas output for the Libyan domestic market, as well as exports.
“This agreement will enable important investments in Libya’s energy sector, contributing to local development and job creation while strengthening Eni’s role as a leading operator in the country,” said Descalzi.
